RELEASE OF UPSET BID DEPOSIT (NEW).

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View NCGA Bill Details2011-2012 Session
House Bill 164 (Public) Filed Wednesday, February 23, 2011
TO REQUIRE THAT THE NOTICE OF SALE AND THE NOTICE FILED BY AN UPSET BIDDER IN A FORECLOSURE PROCEEDING INCLUDE AN EXPLANATION OF THE EFFECT OF A BANKRUPTCY PETITION THAT IS FILED DURING THE TEN DAY UPSET BID PERIOD.
Intro. by Randleman.
Status: Ch. SL 2011-204 (House Action) (Jun 23 2011)

Bill History:

H 164/S.L. 2011-204

Bill Summaries:

  • Bill H 164/SL 2011-204 (2011-2012)
    Summary date: Jun 30 2011 - View Summary

    AN ACT TO AUTHORIZE THE RELEASE OF FUNDS DEPOSITED BY AN UPSET BIDDER OR A HIGH BIDDER IN A FORECLOSURE PROCEEDING WHEN A BANKRUPTCY PETITION IS FILED. Summarized in Daily Bulletin 4/13/11. Enacted June 23, 2011. Effective October 1, 2011.

    Banking and Finance, Court System, Property and Housing
  • Bill H 164 (2011-2012)
    Summary date: Apr 13 2011 - View Summary

    House committee substitute makes the following changes to 1st edition.
    Deletes all provisions of the first edition and instead enacts new subsection (d) to GS 45-21.22 to require the clerk of superior court or the trustee or mortgagee to release any deposits, as detailed, if completion of the foreclosure sale is stayed pursuant to specified federal law before the expiration of the 10-day upset bid period. Makes clarifying changes, and makes a conforming change to the statute’s catch line. Effective October 1, 2011.

    Banking and Finance, Court System, Property and Housing
  • Bill H 164 (2011-2012)
    Summary date: Feb 23 2011 - View Summary

    Adds subdivision (9) to GS 45-21.16A(a) (regarding notice of sale) and adds subdivision (3a) to GS 45-21.27(e) (regarding an upset bid on real property) as the title indicates. Makes a technical change to GS 45-21.27(e). Effective October 1, 2011, and applies to upset bid notices filed on or after that date.

    Banking and Finance, Property and Housing
    GS 45
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