If the highest bidder does not pay the amount bid as prescribed by Section 701.590:
(a) The levying officer shall sell the property:
(1) If the default occurs at the sale, either to the next highest bidder at the amount of the next highest bid if such bidder agrees or to the highest bidder at a new sale held immediately.
(2) If the default occurs after the sale to a credit bidder pursuant to subdivision (c) of Section 701.590, to the highest bidder at a new sale.
(b) The levying officer shall apply the amount of any deposit made pursuant to subdivision (c) of Section 701.590 in the following order:
(1) To the satisfaction of costs accruing with regard to the property sold from the date of the sale until the date the property is resold, including costs of resale.
(2) To the satisfaction of interest at the rate on money judgments on the amount bid from the date of the sale until the date the property is resold.
(3) To the amount required to satisfy the money judgment in the order of distribution prescribed by Section 701.810 or Section 704.850, whichever is applicable.
(c) If there is a sale to the next highest bidder or to the highest bidder at a new sale, the defaulting bidder is liable for the following amounts in an action by the judgment creditor or judgment debtor:
(1) The amount bid, less the amount obtained from the resale of the property and the amount of any deposit applied pursuant to subdivision (b). The amount recovered pursuant to this paragraph shall be distributed in the manner prescribed by Section 701.810 or Section 704.850, whichever is applicable.
(2) Any costs accruing with regard to the property sold from the date of sale until the date the property is resold, including costs of resale.
(3) Interest at the rate on money judgments on the amount bid from the date of the sale until the date the property is resold.
(4) Costs and attorney’s fees incurred in the action under this subdivision.
(d) The levying officer may, in the levying officer’s discretion, reject any subsequent bid of the defaulting bidder.
(Added by Stats. 1982, Ch. 1364, Sec. 2. Operative July 1, 1983, by Sec. 3 of Ch. 1364.)
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