Upset Price


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Upset Price

The dollar amount below which property, either real or personal, that is scheduled for sale at an auction is not to be sold.

An upset price is intended as a minimum price. In a decree for a Judicial Sale, it constitutes a direction to the officer conducting the sale not to accept any bid that falls below the fixed price. In a final decree in a foreclosure sale, an upset price should be sufficient to cover costs and allowances made by the court, the certificates and interest of the receiver, and any liens in existence.

References in periodicals archive ?
If we look at the upset price from the point of view of the reorganization committee we see that [it] has an idea of how much money can be raised by the plan and inferentially how much can be spared for dissenting bondholders.
Last October, he recalled, the property was put up for auction with a minimum upset price of $800,000, but there were no bidder.
According to Kalili, over 600 bidders were registered for the 120 erven (potentially 5 prospective bidders per erf) up for sale and from the onset the upset price was quickly forgotten as the first lot went for N$700 per m2 or N$560,000 in total.