GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2001
SESSION LAW 2002-28
HOUSE BILL 1513
AN ACT to clarify that the recent establishment of a rolling upset bid procedure for judicial and execution sales did not affect the requirement that sales be confirmed by the appropriate judicial official, as recommended by the general statutes commission.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 1-339.25(a) reads as rewritten:
"(a) An upset bid is an
advanced, increased, or raised bid in a public sale by auction whereby a person
offers to purchase real property theretofore sold for an amount exceeding the
reported sale price or the last upset bid by a minimum of five percent (5%)
thereof, but in any event with a minimum increase of seven hundred fifty
dollars ($750.00). Subject to the provisions of subsection (b) of this section,
an upset bid shall be made by delivering to the clerk of superior court, with
whom the report of the sale or the last notice of upset bid was filed, a deposit
in cash or by certified check or cashier's check satisfactory to the clerk in
an amount greater than or equal to five percent (5%) of the amount of the upset
bid but in no event less than seven hundred fifty dollars ($750.00). The
deposit required by this section shall be filed with the clerk of the superior
court with whom the report of sale or the last notice of upset bid was filed,
by the close of normal business hours on the tenth day after the filing of the
report of sale or the last notice of upset bid, and if the tenth day falls upon
a Sunday or legal holiday or upon a day in which the office of the clerk is not
open for the regular dispatch of its business, the deposit may be made and the
notice of upset bid may be filed on the day following when the office is open
for the regular dispatch of its business. Except as provided in G.S. 1-339.27A
and G.S. 1-339.30, there shall be no resales; however, there may be successive
upset bids, each of which shall be followed by a period of 10 days for a further
upset bid. If a timely motion for resale is filed under G.S. 1-339.27A, no
upset bids may be filed while the motion is pending. If an upset bid or a
motion for resale under G.S. 1-339.27A is not filed within 10 days following a
sale, resale, or prior upset bid, the rights of the parties to the sale or
resale become fixed."
SECTION 2. G.S. 1-339.64(a) reads as rewritten:
"(a) An upset bid is an
advanced, increased, or raised bid whereby a person offers to purchase real
property theretofore sold for an amount exceeding the reported sale price or
last upset bid by a minimum of five percent (5%) thereof, but in any event with
a minimum increase of seven hundred fifty dollars ($750.00). Subject to the
provisions of subsection (b) of this section, an upset bid shall be made by
delivering to the clerk of superior court, with whom the report of sale or the
last notice of upset bid was filed, a deposit in cash or by certified check or
cashier's check satisfactory to the clerk in an amount greater than or equal to
five percent (5%) of the amount of the upset bid but in no event less than
seven hundred fifty dollars ($750.00). The deposit required by this section
shall be filed with the clerk of the superior court, with whom the report of
sale or the last notice of upset bid was filed, by the close of normal business
hours on the tenth day after the filing of the report of sale or the last
notice of upset bid and if the tenth day falls upon a Sunday or legal holiday
or upon a day in which the office of the clerk is not open for the regular
dispatch of its business, the deposit may be made and the notice of upset bid
may be filed on the day following when the office is open for the regular
dispatch of its business. Except as provided in G.S. 1-339.66A and G.S. 1-339.69,
there shall be no resales; however, there may be successive upset bids, each of
which shall be followed by a period of 10 days for a further upset bid. If a
timely motion for resale is filed under G.S. 1-339.66A, no upset bids may be
filed while the motion is pending. If an upset bid or a motion for resale
under G.S. 1-339.66A is not filed within 10 days following a sale, resale, or
prior upset bid, the rights of the parties to the sale or resale become fixed."
SECTION 3. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 11th day of July, 2002.
s/ Beverly E. Perdue
President of the Senate
s/ James B. Black
Speaker of the House of Representatives
s/ Michael F. Easley
Governor
Approved 1:45 p.m. this 22nd day of July, 2002