r1r STANDING COMMITTEE ON RULES OF PRACTICE - Maryland ...

price as set forth in the report of sale. On application by a
person having an interest in the property or by the person
authorized to make the sale, the court may increase or decrease
the amount of the bond pursuant to Rule 1-402 (d).
. . .
REPORTER’S NOTE
Jeffrey B. Fisher, Esq., a mortgage foreclosure practitioner
and a member of the Foreclosure Practice Subsection of the Real
Property Section of the Maryland State Bar Association, has
requested that section (a) of Rule 14-206 be amended to reduce
clerical work and judicial time by simplifying the bond
requirement and eliminating the need to file a motion to
substitute purchaser if the property is bought by the holder of
the debt secured by the lien, but title will be held by a person
acting on the holder’s behalf. The amendment (1) fixes the
initially required bond at $25,000 unless increased or decreased
by the court on the application of the person making the sale or
any person having an interest in the property, making such
applications unnecessary in most cases, (2) provides that the
bond shall be increased to the sale price if the property is sold
to a buyer who is not the holder of the debt or a person
designated by the holder in a writing filed in the proceeding to
take title on the holder’s behalf, and (3) by providing that the
holder can designate a person to take title on its behalf,
eliminates the need for motions to substitute purchasers in those
cases.
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