Failure of auction

If the property is put in auction and there is no bidder, the absolute owner if he so desires shall have the right of preference in the adjudication for the value for which the same is to be carried out, for which, within 3 days, from the last date of the auction he will have to declare, that he desires to exercise his right of preference, and also, pay the price of the adjudication within another 3 days from the date from which it is adjudicated to him. § Sole paragraph - This provision is not applicable to those who are not allowed to exercise the right of preference.