Section 157

Where the chargee becomes the purchaser at a sale conducted under section 150, the amount at which the property was sold, whether that amount is the reserve price at the auction or an amount in excess thereof, shall be treated as the value of the property and, subject to any directions that may be given by the court, that value shall be adopted for the purpose of determining the amount of the debt, if any, still owing by the chargor to the chargee after due allowance is made for any moneys owing by the chargor under any prior charges, if any.

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