§38-4-23. Method and terms of sale of appraised property.
The property appraised under the provisions of the preceding
section shall be sold by the officer in separate items, or in
parcels, or as a whole, whichever method will secure the highest
price therefor. The property so appraised shall be first offered
for sale for cash, and, if the highest aggregate bids therefor
amount to two thirds or more of its appraised value, the sale
thereof shall be for cash; but if no bid be made therefor
aggregating two thirds of its appraised value, the same shall
then be offered for sale, one half on a credit of four months and
the residue on a credit of eight months, the purchaser giving his
note with good security bearing interest from date. If when so
offered on a credit a greater aggregate sum be bid therefor than
was offered in cash, the sale shall be made upon credit as
aforesaid, otherwise the cash bid shall be accepted.