(1) If a stockholder of a corporation redeems, the corporation, within 1 year after
the date of sale, may redeem by paying to the redemptioner or the sheriff for the
stockholder's benefit the amount paid to effect the redemption, with interest on that
amount at the rate established by the judgment in the action that led to the execution
sale from the date of redemption until the date of payment, together with any taxes
or assessments that may have been paid by the redemptioner, with interest at the same
rate on the amount of the payment.
(2) When a stockholder redeems, any other stockholder or stockholders may, at any
time after the redemption and within 60 days after the expiration of 1 year from the
date of sale, contribute to the redemption by paying to the redeeming stockholder
or depositing with the sheriff for the redeeming stockholder's benefit a sum that
bears the same proportion to the amount necessary to redeem that the number of shares
owned by the contributing stockholder or stockholders bears to the number of shares
of the corporation outstanding, with interest on the sum from the date of redemption
until the date of contribution at the rate established by the judgment in the action
that led to the execution sale, together with a similar proportion of the taxes or
assessments paid by the redeeming stockholder, with interest at the same rate. If the corporation does not redeem the property within the time and in the manner
and form as described in this section, the redeeming and contributing stockholders
are entitled to receive a sheriff's deed for the property redeemed and shall succeed
to the property as tenants in common in the proportions, respectively, that they shall
respectively pay or contribute to the redemption. The redeeming or contributing stockholder shall, in all cases when applying to redeem
or contribute, present an affidavit setting forth the number of shares of stock owned
by the stockholder and, to the best of the stockholder's knowledge, the number of
shares of stock of the corporation outstanding.
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