Bill Summary for H 782 (2011-2012)
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TO AMEND RECEIVERSHIP AND ASSIGNMENT FOR THE BENEFIT OF CREDITORS' LAW.Intro. by Blust.
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Enacts new GS 1-506.1 to place in priority order payments to be made by the receiver after paying the necessary costs of the administration of the receivership as follows: (1) all debts that are a lien on any of the trust property in the hands of the receiver, to the extent of the net proceeds of the property upon which the debt is a lien; (2) wages due to workmen, clerks traveling or city salesmen, or servants which have been earned within three months before the registration of the deed of trust or the deed of assignment; and (3) all other debts equally capable of being appraised or assessed.
Amends GS 23-8 regarding the authorization of a trustee to sell any part of the property described in a deed or trust within ten days from the registration of the property. Provides that the property may be sold within ten days of registration providing that the property is perishable or if the property is sold for a price that satisfies all liens on the property, as provided in GS 23-8.1.
Enacts new GS 23-8.1 to permit a trustee, named in a deed of trust or appointed by the court, to sell a part or whole of property that is subject to one or more liens provided that the sale price is sufficient to satisfy the lien or liens in full. Provides that upon the sale of the property, the liens on the property are extinguished and the liens attach to the proceeds of the sale and enjoy the same dates of attachment and perfection as the original property.
Effective October 1, 2011.