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UPSET PRICEThe 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. |
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