| Servicemembers Civil Relief Act (SCRA) | ||||||||||||||||||
| Section 304 - Settlement of stayed cases relating to personal property | ||||||||||||||||||
(a) APPRAISAL OF PROPERTY- When a stay is granted pursuant to this Act in a proceeding to foreclose a mortgage on or to repossess personal property, or to rescind or terminate a contract for the purchase of personal property, the court may appoint three disinterested parties to appraise the property. (b) EQUITY PAYMENT- Based on the appraisal, and if undue hardship to the servicemember's dependents will not result, the court may order that the amount of the servicemember's equity in the property be paid to the servicemember, or the servicemember's dependents, as a condition of foreclosing the mortgage, repossessing the property, or rescinding or terminating the contract. Next page > Section 305 - Termination of residential or motor vehicle leases
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