When a stay is granted pursuant to this Act [sections
597b of this Appendix] 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.
A prior section
534, act Oct. 17, 1940, ch. 888, art. III, § 304, as added Oct. 6, 1942, ch. 581, § 12,56 Stat. 772; amended Pub. L. 102–12, § 9(9),Mar. 18, 1991, 105 Stat. 40, related to termination of leases by lessees, prior to the general amendment of this Act by Pub. L. 108–189. See section
535 of this Appendix.
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