It's helpful for representatives of commercial lending institutions to know some "legalese" when dealing with their foreclosure counsel and the various governmental entities involved with the Indiana foreclosure process. Today's vocabulary lesson surrounds what it means to "praecipe`" (pronounced "press-ah-pee") for a sheriff's sale of real estate loan collateral.
Trigger. Once the secured lender and its counsel have received a judgment and foreclosure decree, and after observing the three-month waiting period (if applicable), it's time to sell the real estate for purposes of satisfying all or part of the judgment. In Indiana, to trigger the sheriff's sale process, Ind. Code 32-29-7-3(b)requires the lender/mortgagee/plaintiff/judgment creditor to file a praecipe for sheriff's sale with the clerk of the court. Upon the filing of a praecipe, the clerk "shall promptly issue and certify to the sheriff of that county a copy of the judgment and decree under the seal of the court."
Definition. A praecipe is a fancy (actually, a Latin) word for a written request. Black's Law Dictionary defines the term, in pertinent part, as follows: "includes an order to the clerk of court to issue an execution on a judgment already rendered.... Also an order, written out and signed, addressed to the clerk of a court, and requesting him to issue a particular writ."
Details vary. The logistics of the praecipe for sheriff's sale may vary by county and will depend upon how a particular court, clerk or sheriff's office conducts its business. For example, a separate writ of execution may need to be filed. Or, the praecipe itself may need to attach copies of the judgment and/or involve the tender of sale fees in advance. As written here before, I strongly advise contacting your civil sheriff's office to confirm the who, what, when, where, why and how of putting the sheriff's sale's wheels into motion.
As an aside, I'd like to mention that the frequency of my posts has dipped this month due to some pre-planned time away from the office, as well as preparation for and participation in a five-day jury trial that concluded this past Monday. I plan on getting back on track with weekly posts in September. As always, thanks for reading, commenting and emailing....