§ 11-39-118. Duties of trustees in foreclosure actions.

In any action seeking the foreclosure of a lien against any tract or parcel of land assessed by a city for the construction of any improvement after bonds have been issued, the trustee of the fund from which the bonds are to be paid may:

1.  Purchase the tract or parcel of land sold at the foreclosure sale; or

2.  Bid, in lieu of cash, the full amount of the assessment and interest found by the court to be due and payable under the ordinance creating the lien and any cost taxed by the court in the foreclosure proceedings against the property ordered sold.

Amended by Laws 1983, c. 170, § 27, eff. July 1, 1983.