Section 7 Practice of opening biddings, by Order of Chancery, except on ground of fraud, to be discontinued.C1

The practice of opening the biddings on any sale by auction of land under or by virtue of any order of the High Court of Chancery shall be discontinued, and the highest bona fide bidder at such sale, provided he shall have bid a sum equal to or higher than the reserved price (if any), shall be declared and allowed the purchaser, unless the Court or judge shall, on the ground of fraud or improper conduct in the management of the sale, upon the application of any person interested in the land (such application to be made to the Court or judge before the chief clerk’s certificate of the result of the sale shall have become binding), either open the biddings, holding such bidder bound by his bidding, or discharge him from being the purchaser, and order the land to be resold upon such terms as to costs or otherwise as the Court or judge shall think fit.