A shoutout to Indiana Commercial Foreclosure Law Blog and for its post, Sheriff’s Sales Of Separate Tracts: Principal’s Real Estate First, Surety’s Second:
The Keesling v. T.E.K. Partners case has produced a second appellate court opinion. I wrote about Keesling I on March 23, 2007. That post dealt with the liability of sureties (or accommodation parties) when an original obligation is materially altered. The latest opinion, decided March 6 (2008 Ind. App. LEXIS 431) (KeeslingII.pdf), discusses among other things the order (sequence) of the sheriff’s sales when there are multiple tracts to be sold. So, Keesling I discusses liability issues, and Keesling II addresses judgment enforcement-related matters. Commercial lenders may want to note Keesling II in the event they need guidance where there is more than one parcel of real estate subject to a foreclosure sale.