GENERAL ASSEMBLY OF NORTH CAROLINA
1997 SESSION
S.L. 1997-119
AN ACT TO INCREASE THE MINIMUM AMOUNT BY WHICH AN UPSET BID ON REAL PROPERTY IN JUDICIAL SALES AND EXECUTION SALES MUST EXCEED THE REPORTED SALE PRICE, 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 whereby a person offers to purchase real
property theretofore sold, sold for an amount exceeding the
reported sale price by ten percent (10%) of the first $1000 thereof plus a
minimum of five percent (5%) thereof, of any excess above
$1000, but in any event with a minimum increase of $25, seven
hundred fifty dollars ($750.00). such increase being deposited in
cash, or by certified check or cashier's check satisfactory to the said clerk,
with the clerk of the superior court, with whom the report of the sale
was filed, within ten days after the filing of such report; such deposit
to be made with the clerk of superior court before the expiration of the tenth
day, and if the tenth day shall fall upon a Sunday or 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 on the day following when said office is open
for the regular dispatch of its business. An upset bid shall be made by
delivering to the clerk of superior court, with whom the report of sale 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 was filed, by the
close of normal business hours on the tenth day after the filing of the report
of sale, and if the tenth day shall fall 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 on the day following when said office is
open for the regular dispatch of its business. An upset bid need not
be in writing, and the timely deposit with the clerk of the required amount,
together with an indication to the clerk as to the sale to which it is
applicable, is sufficient to constitute the upset bid, subject to the
provisions of subsection (b)."
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, sold for an amount exceeding the
reported sale price by ten percent (10%) of the first $1000 thereof plus a
minimum of five percent (5%) thereof, of any excess above
$1000, but in any event with a minimum increase of $25, seven
hundred fifty dollars ($750.00). such increase being deposited in
cash, or by certified check or cashier's check satisfactory to the said clerk,
with the clerk of the superior court, with whom the report of the sale
was filed, within ten days after the filing of such report; such deposit
to be made with the clerk of superior court before the expiration of the tenth
day, and if the tenth day shall fall upon a Sunday or 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 on the day following when said office is open
for the regular dispatch of its business. An upset bid shall be made by
delivering to the clerk of superior court, with whom the report of sale 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 was filed, by the close
of normal business hours on the tenth day after the filing of the report of
sale, and if the tenth day shall fall 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 upset bid filed on the day
following when said office is open for the regular dispatch of its
business. An upset bid need not be in writing, and the timely deposit
with the clerk of the required amount, together with an indication to the clerk
as to the sale to which it is applicable, is sufficient to constitute the upset
bid, subject to the provisions of subsection (b)."
Section 3. This act becomes effective January 1, 1998, and applies to judicial sales when the original order of sale was issued on or after that date and to execution sales when the execution was originally issued on or after that date. This act shall not apply to any judicial sale when the original order of sale has been issued prior to the effective date of this act or to any execution sale held pursuant to any execution originally issued prior to the effective date of this act.
In the General Assembly read three times and ratified this the 22nd day of May, 1997.
s/ Dennis A. Wicker
President of the Senate
s/ Harold J. Brubaker
Speaker of the House of Representatives
s/ James B. Hunt, Jr.
Governor
Approved 4:36 p.m. this 29th day of May, 1997