Where, upon the foreclosure of a mortgage or deed of trust, or in any case, the specified land to be sold is mentioned in the decree, the court, upon the application of the complainant, may order that:

(1) The property be sold on a credit of not less than six (6) months nor more than two (2) years;
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Terms Used In Tennessee Code 21-1-803

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(2) When the sale is made, reported and confirmed, no right of redemption or repurchase shall exist in the debtor or the debtor’s creditors, but that the purchaser’s title shall be absolute; and
(3) The surplus of the purchase money, or the bonds or notes taken for the purchase money, over and above what is necessary to pay the complainant’s debt, be paid to the debtor or the debtor’s other creditors entitled to the payment.
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