Appraisal of property
When a stay is granted pursuant to this chapter in a proceeding to foreclose a mortgage on or to repossess personal property, or to rescind or terminate a contract for the purchase of personal property, the court may appoint three disinterested parties to appraise the property.
Equity payment
Based on the appraisal, and if undue hardship to the servicemember’s dependents will not result, the court may order that the amount of the servicemember’s equity in the property be paid to the servicemember, or the servicemember’s dependents, as a condition of foreclosing the mortgage, repossessing the property, or rescinding or terminating the contract.
Oct. 17, 1940, ch. 888Pub. L. 108–189, § 1117 Stat. 2848(, title III, § 304, as added , , .)
Editorial Notes
Codification
Section was formerly classified to section 534 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.
Prior Provisions
act Oct. 17, 1940, ch. 888Oct. 6, 1942, ch. 581, § 1256 Stat. 772Pub. L. 102–12, § 9(9)105 Stat. 40Pub. L. 108–189section 3955 of this titleA prior section 304 of , art. III, as added , ; amended , , , related to termination of leases by lessees, prior to the general amendment of this Act by . See .
Statutory Notes and Related Subsidiaries
Effective Date
section 3 of Pub. L. 108–189section 3901 of this titleSection applicable to any case not final before , see , set out as a note under .