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.
Bill Summaries: H 164 RELEASE OF UPSET BID DEPOSIT (NEW).
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Summary date: Jun 30 2011 - View Summary
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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.
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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.