Terms of judicial sales

(1) Judicial sales of property shall be for cash, or on reasonable credit or partly for cash and partly on reasonable credit, as the court directs; but a sale of personal property shall not be on a longer credit than four (4) months. (2) The court may by rule require purchasers at judicial sales to deposit with the officers making the sale, at the time of sale, a specified sum of money, sufficient to cover the expense of a resale. If the deposit is not made at that time, the officer shall at once resell the property.