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.
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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