Read 1st time February 11, 1997, and 1,000 copies ordered printed.

Read 2nd time February 17, 1997, and referred to the Committee on Commerce and Environment.

Reported from the Committee March 25, 1997, with recommendation that the bill do pass and be placed on the Consent Calendar.

Taken up March 17, 1997. Read 3rd time and placed upon its final passage; bill passed.

TERRY L. SPIELER, Secretary.

S1515.01P

To repeal section 528.600, RSMo 1994, relating to the sale of certain property, and to enact in lieu thereof one new section relating to the same subject.

Be it enacted by the General Assembly of the State of Missouri, as follows:

     Section A. Section 528.600, RSMo 1994, is repealed and one new section enacted in lieu thereof, to be known as section 528.600, to read as follows:

     528.600. 1. The sheriff or commissioner making a sale under the provisions of this chapter shall not take any negotiable notes in payment of deferred sums, but such notes shall express on their face that they are given to the sheriff or commissioner as trustee in partition, and shall impart notice to all persons of such trust.

     2. For all sales of real property pursuant to this chapter occurring on or after August 28, 1997, when an entire property is ordered to be sold, the sheriff or commissioner making a sale under the provisions of this chapter shall take, from any party adjudged to have any right in the said property pursuant to section 528.160, notes in payment of deferred sums in an amount equal to the difference between the total amount of the bid and the value of the interest of the bidder therein so that the said bidder shall receive a credit for the value of the interest.