For the purposes of section 4(b) of this chapter, the sale of property by the sheriff through the services of an auctioneer is "economically feasible" if the court determines that:

1. (1) a reasonable probability exists that, with the use of the services of an auctioneer, a valid and enforceable bid will be made at a foreclosure for a sale price equal to or greater than the amount of the judgment and the costs and expenses necessary to its satisfaction, including the costs of the auctioneer; and

2. (2) the reasonable probability would not exist without the use of an auctioneer.

   [Pre-2002 Recodification Citation: 32-8-16-1.3 part.]

As added by P.L.2-2002, SEC.14.