138 Va. 443 | Va. | 1924
delivered the opinion of the court.
The appellant was the highest bidder for a farm called “Kinloeh,” offered at public auction pursuant to a decree in a creditors’ suit, and the property was cried off to him at $15,300.00. This was reported to the court May 22, 1922, without recommendation, and on the same day an upset bid by H. M. Bowen of ten per cent advance ($1,530.00) over the appellant’s bid was presented. There was a hearing on affidavits and oral testimony, at which the lien creditors and the owner appeared and opposed the confirmation of the sale to-the appellant. Thereupon the court refused to confirm it, directed a resale of the land at public auction to begin with the upset bid of $16,830.00; and from that decree this appeal has been allowed.
Four commissioners were appointed to make the sale, and while only one of them gave the required bond, advertised and conducted the sale, the other three were at the sale co-operating with him. For some time the appellant (represented by his father) was the only bidder, and his bid was only $11,000.00. The acting commissioner and the other three then had a confer
The right of the appellant to have this sale to him confirmed at $15,300.00 is the sole question presented.
To support the decree we have only the upset bid, the opinions of this last bidder and of three of the sale commissioners that the price offered by the appellant is inadequate, and of one affiant that it is grossly inadequate. On the other hand, to support the confirmation of the sale to the appellant, we have the fact that at a fair auction no one offered more, and the affidavits of nine persons familiar with the land and with local farm values that $15,300.00 is a fair and adequate price. There is still another significant fact in support of this view: The master’s report,' based upon testimony
In Howell v. Morien, 109 Va. 201, 63 S. E. 1073, there was an up.set bid of ten per cent by a responsible bidder who had not been present at the sale (and that is true of the new bidder here), which was rejected and the sale confirmed.
The general rules applicable in such cases and the reasons therefor have been frequently stated.
For examples, in Moore v. Triplett, 96 Va. 612, 32 S. E. 50, 70 Am. St. Rep. 882, this is said: “Judicial
And this in Howell v. Morien, 109 Va. 202, 63 S. E. 1074: “To set aside a judicial sale upon the facts and circumstances disclosed by this record would establish a practice which would be hurtful rather than helpful in securing the best price for property sold at judicial sales, and instead of inspiring confidence in the stability of such sales, in order to induce possible purchasers to attend and bid, would deter and discourage them and establish a precedent which would make them feel that judicial sales are not to be seriously taken.”
For the reasons indicated, the decree will be reversed; and it appearing that J. S. Hamilton, the appellant, has complied with the advertised terms of sale, it will be confirmed here, and the cause will be remanded for such further proceedings as may be proper.
Reversed.