§38-1-5. Terms of sale.
Such sale shall be made upon such terms as are mentioned in
such deed; and if no terms are therein mentioned, then upon the
following terms, to-wit: If the property to be sold is real
estate, one third of the purchase money cash in hand, one third
thereof, with interest, in one year, and the residue thereof,
with interest, in two years from the day of sale, taking from the
purchaser his notes, with good security, for the deferred
payments, and either retaining the legal title as further
security or conveying the legal title and reserving in the deed
of conveyance a lien for the deferred purchase money, or
otherwise securing the same; if the property to be sold be
personal estate, then for cash.