Section 17. The debtor may redeem real property within one year, and personal property within sixty days, after the date of any transfer, assignment or conveyance made under the provisions of section sixteen upon payment of the judgment and costs and the necessary expense actually paid by the creditor for the care or custody of such property. If such property is not redeemed it shall be sold forthwith at public auction, unless in the transfer, conveyance or assignment thereof it was otherwise provided, and the proceeds, after deducting the expenses of such care, custody and sale, shall be applied to the payment of said judgment and costs, and the excess, if any, remaining after such payments, shall be paid to the debtor; or the creditor may take said property at a valuation to be fixed by the debtor in the transfer, assignment or conveyance and apply such amount in payment as aforesaid.

The creditor may refuse to accept a transfer, assignment or conveyance, and his refusal thereof shall not impair his right to have his execution satisfied in whole or in part by a levy on other property in the manner provided by law. If, after such transfer, assignment or conveyance has been made and before the sale of the property conveyed thereby, the execution is satisfied in full by levy or otherwise, the court shall order that the creditor reconvey said property to the debtor upon such terms or conditions as it may determine and may enforce such order by process for contempt.