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2010AP646 First Banking Center v. Twelfth Street Investors, LLC

By: WISCONSIN LAW JOURNAL STAFF//June 15, 2011//

2010AP646 First Banking Center v. Twelfth Street Investors, LLC

By: WISCONSIN LAW JOURNAL STAFF//June 15, 2011//

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Property
Foreclosure; notice

When an appeal prevents a purchaser of foreclosed property from paying the remaining purchase price within ten days after confirmation of a sheriff’s sale per sec. 846.17, the purchaser is entitled to notice from the circuit court as to when the ten-day period begins to run.

“The relevant portion of Wis. Stat. § 846.17 provides: In the event of the failure of [a foreclosed property] purchaser to pay any part of the purchase price remaining to be paid within 10 days after the confirmation of [a sheriff’s] sale, the amount so deposited shall be forfeited and paid to the parties who would be entitled to the proceeds of such sale as ordered by the court, and resale shall be had of said premises …. (Emphasis added.) In other words, a buyer of a foreclosed property has ten days after the confirmation of the sale to pay the remaining balance of the purchase price. Twelfth Street Investors argues that Brozak Holdings failed to comply with this provision because Brozak Holdings did not pay the remaining $760,000 of its purchase price within ten days after we remitted the record back to the circuit court. The problem with this argument is that § 846.17 refers to a ten-day window after the confirmation of a sheriff’s sale—the statute says nothing about what happens after remittitur.”
Affirmed.

Recommended for publication in the official reports.

2010AP646 First Banking Center v. Twelfth Street Investors, LLC

Dist. II, Kenosha County, Bastianelli, J., Reilly, J.

Attorneys: For Appellant: Binger, Thomas C., Racine; For Respondent: Geraghty, Timothy J., Kenosha; Camilli, Thomas A., Jr., Kenosha

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