Bill Summary for H 164/SL 2011-204 (2011-2012)

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Bill: RELEASE OF UPSET BID DEPOSIT (NEW).

Summary date: 

Jun 30 2011
S.L. 2011-204

Bill Information:

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.

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Bill 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.