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The author relates a story of a debtor. The author's attorney had to submit paperwork to the court to hold a "sheriff's sale" for the debtor's ring. The debtor was also given notice that she had 30 days to pay off the judgment in order to reclaim the ring. She informed the attorney that she was getting a divorce, so the authors said that they could just keep the ring. In a sheriff's sale, a notice of the sale and date is published to the public, but on the sale day, the author was the only person to show up. Under Indiana law, seized property must sell for at least two-thirds of the appraised value, which created a minimum bid of $750, so when the sale time came, the author bids $750. Since he was the only bidder, he got the ring for that amount, and the author's company got $750 of the original $850 owed.
One Ring, To Go! John Ross Business Credit; May 2010; 112, 5; Docstoc pg. 52 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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