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, or order confirming sale if the property is a
homestead, by paying, to the purchaser or the officer making the sale, the amount for which the
property was sold with interest, on the amount of the sale in excess of the homestead exemption,
at the judgment rate and if the purchaser is a creditor having a prior lien, the amount thereof, with
interest, on the amount of the sale in excess of the homestead exemption, at the judgment rate
together with any costs as provided in sections
(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.
(d) If the property is abandoned during the judgment debtor's redemption period, the person
holding the sheriff's certificate may request that the court reduce the judgment debtor's redemption
period to five weeks using the procedures provided for a foreclosure by action in section
History: (9440) RL s 4310; 1986 c 444; 2000 c 320 s 5; 2007 c 105 s 12; 2007 c 106 s 20