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B-6004-3. PRIVATE SALE BY AGENT

(a)   “Private Sale by Agent” Defined

A “private sale by agent” is defined as the sale by the trustee or Debtor of estate property other than real estate using an agent that is in the business of selling such property in a 'commercially reasonable manner' that would satisfy Indiana Code §26-1-9.1-610.  At the time approval of the sale is sought, the trustee or Debtor has not identified the purchaser or the exact purchase price.

(b)   Contents of Motion

Any Motion to Sell by private sale using an agent shall identify:

(1)     the property to be sold;

(2)     information to support the determination that the agent is in the business of selling similar property in a commercially reasonable manner;

(3)     the amount of any exemption claimed in the property;

(4)     a disclosure if the property to be sold contains personally identifiable information and, if so, the measures that will be taken to comply with 11 U.S.C. §363(b)(1); and

(5)     the names of the lien or interest holders to the extent such names are known, if the proposed sale seeks to sell property free and clear of liens or other interests pursuant to 11 U.S.C. § 363(f).

(c)   Combining Retention and Compensation of Agent with Motion

The trustee or Debtor may combine a request to retain and to compensate the agent with the Motion to Sell.  Any such request shall provide the information required by Fed.R.Bankr.P. 2014, describe how compensation will be determined, and estimate the fees to be paid.

(d)   Notice

Unless the Court by separate order shortens the notice period, the movant shall distribute notice that provides twenty-one (21) days after the date of service for objections to be filed.  The notice shall include a description of the property to be sold; the name of and contact information for the agent; the proposed terms of compensation for the agent, if proposed retention has not been noticed separately; and the location of the property prior to sale.  The movant shall also file a certificate of service that complies with S.D.Ind. B-9013-2.  The motion, notice, and certificate of service may be combined into one document.  A sample combined Motion to Sell, Notice, and Certificate of Service is available on the Court’s website.

(e)   Report of Sale

No later than fourteen (14) days after a private sale by agent has been completed, the movant shall file a report of sale pursuant to Fed.R.Bankr.P. 6004(f)(1). If retention and compensation of the agent were authorized by the order granting the Motion to Sell, pursuant to subparagraph (c), the report of sale shall include the amount of compensation actually paid to the agent.