Article 429 — Defaulting purchaser answerable for loss on re-sale

(1) Where the purchase price is not paid or deposited according to the provisions of the law or the terms and conditions of sale, such sale shall be deemed to be cancelled and a resale may be ordered by the court after the issue of a fresh proclamation in the manner and within the time specified above. (2) Any deficiency of price which may happen on such resale and all expenses attending such resale shall be certified to the court by the auctioneer and shall, at the instance of either the decree- CIVIL PROCEDURE CODE 143 holder or the judgment-debtor, be recoverable from the default- ing purchaser under the provisions relating to the execution of a decree for the payment of money. (3) On payment of the purchase money, the auctioneer shall grant a receipt for the same, and the sale shall become absolute, (4) For purposes of bidding, a resale by auction ordered under this Article shall be deemed to be a first auction.