Within one month of the acquirer’s notification, the creditors are entitled to request that the mortgaged property be sold at public auction provided that they advance the costs, such auction to be announced publicly and held within one month of the date on which it was requested.
If a higher price than the one offered is obtained at auction, the mortgage is redeemed at that higher price.
The costs of the public auction are borne by the acquirer if a higher price is obtained, or otherwise by the creditor who requested the auction.
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