550.24 REDEMPTION OF REALTY.
(a) Upon the sale of real property, if the estate sold is less than a leasehold of two years'
unexpired term, the sale is absolute. In all other cases the property sold, or any portion thereof
which has been sold separately, is subject to redemption as provided in this section.
(b) The judgment debtor, the debtor's heirs, successors, legal representatives, or assigns may
redeem within one year after the day of sale by paying, to the purchaser or the officer making
the sale, the amount for which the property was sold with interest at the judgment rate and if the
purchaser is a creditor having a prior lien, the amount thereof, with interest at the judgment rate.
(c) If there is no redemption during the debtor's redemption period, creditors having a lien,
legal or equitable, on the property or some part thereof, subsequent to that on which it was sold
may redeem in the manner provided for redemption by creditors of the mortgagor in section
, in the order of their respective liens.
History: (9440) RL s 4310; 1986 c 444; 2000 c 320 s 5