S1515.06T

To repeal sections 528.010 and 528.600, RSMo 1994, relating to the sale of certain property, and to enact in lieu thereof two new sections relating to the same subject, with an emergency clause.

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

     Section A. Sections 528.010 and 528.600, RSMo 1994, are repealed and two new sections enacted in lieu thereof, to be known as sections 528.010 and 528.600, to read as follows:

     528.010. Whenever under or through any deed, conveyance or will, heretofore or hereafter made, an estate for life, or a conditional or contingent or other estate of uncertain vesting or duration is created, or provided for in lands with remainder over or reversion, whether absolute, contingent or conditional, or an estate in lands is created, or provided for, to commence or to vest in the future, either absolute, contingent or conditional, any person or persons holding the estate or an interest in the estate, carrying the right of immediate use and enjoyment of such lands, may sue in equity for sale of such lands or any of the same upon the ground that the life or other estate of immediate enjoyment is burdensome and unprofitable or that the cost of paying the taxes and assessments thereon and holding, maintaining, caring for and preserving the lands from waste, or injury, and deterioration, exceeds the reasonable value of the rents and profits thereof, and that a greater income can probably be had from proceeds of a sale thereof invested in bonds of the United States or of Missouri or some municipality or school district thereof or first lien mortgage loans upon lands situate in this state; and if upon trial of such case the court finds the allegations of the petition in such suit to be true it shall order, adjudge and decree that sale of such lands in partition shall be made in the same manner as other sales of lands not susceptible of division in kind, are or may be by law provided to be made; and, the sale proceeds, after paying the costs and expenses of the suit and sale therefrom and the commuted value of any estate as may be commutable and so requested to be by the owner or owners thereof, as in other suits in partition, [the court shall administer and cause to be invested in securities of the kind and character aforesaid] shall be invested and administered by the circuit clerk as directed by the court, in the court's discretion, as a trust fund for the parties in interest and persons who may become such and the income to accumulate or be distributed according to the respective estates of the parties interested or who may become interested therein.

     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. 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, cash, cashier's check, money order or other negotiable instrument acceptable to the sheriff or as provided by local court rule, 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.

     Section B. Because immediate action is necessary to permit the orderly sale of partitioned property, this act is deemed necessary for the immediate preservation of the public health, welfare, peace and safety, and is hereby declared to be an emergency act within the meaning of the constitution, and this act shall be in full force and effect upon its passage and approval.