550.29 REDEMPTION PENDING ACTION TO SET ASIDE EXECUTION SALE.
When an action is brought to set aside an execution sale of land, and the time of redemption
from such sale may expire before final judgment therein, any person having the right to redeem
therefrom, for the purpose of saving such right, may deposit with the sheriff, before the time of
redemption expires, the amount that will be necessary to redeem such premises at the date of such
expiration, together with a bond in an amount and with sureties to be approved by such sheriff,
conditioned to pay all interest that may accrue or be allowed on such deposit until final redemption
as hereinafter provided. Such deposit and bond shall operate to extend the time of redemption for
30 days after the final determination of such action, during which time any person entitled by law
to redeem may do so by paying to the sheriff the amount of such deposit with accrued interest.
The deposit and bond shall be brought to the attention of the court by supplemental complaint in
the action, and the judgment shall determine the validity of the execution sale, and the right of the
parties to the moneys and bonds so deposited, which shall be paid and delivered by the sheriff as
directed by such judgment, upon delivery to the sheriff of a certified copy thereof. The remedy
herein provided shall be in addition to other remedies now existing.
History: (9445) RL s 4315; 1986 c 444