State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-339_13

Part 2. Procedure for Public Sales of Real and Personal Property.

§ 1‑339.13.  Publicsale; order of sale.

(a)        Whenever a publicsale is ordered, the order of sale shall

(1)        Designate the personauthorized to hold the sale;

(2)        Direct that theproperty be sold at public auction to the highest bidder or, in the case of asale of timber, direct that the timber be sold to the highest bidder andspecify whether the sale is to be by public auction or by sealed bid;

(3)        Describe realproperty to be sold, by reference or otherwise, sufficiently to identify it;

(4)        Describe personalproperty to be sold, by reference or otherwise, sufficiently to indicate itsnature and quantity;

(5)        Designate,consistently with G.S. 1‑339.6, the county and the place therein at whichthe sale is to be held;

(6)        Prescribe the termsof sale, specifying the amount of the cash deposit, if any, to be made by thehighest bidder at the sale; and

(7)        If the sale is to bea sale of timber by sealed bid, specify:

a.         The minimum numberof bids that must be submitted, which shall not be less than three, and

b.         The time at whichany cash deposit required of the highest bidder must be made, which shall notbe more than three business days after the date on which the sealed bids areopened.

(b)        The order of publicsale may also, but is not required to

(1)        State the method bywhich the property shall be sold, pursuant to G.S. 1‑339.9;

(2)        Direct any postingof the notice of sale or any advertisement of the sale, in addition to thatrequired by G.S. 1‑339.17 in the case of real property or G.S. 1‑339.18in the case of personal property, which the judge or clerk of the superiorcourt deems advantageous; and

(3)        Specify the numberof appraisals to be obtained pursuant to G.S. 1‑339.13A.

(c)        The order of publicsale may provide that personal property need not be present at the place ofsale when the nature, condition or use of the property is such that the judgeor clerk ordering the sale deems it impractical or inadvisable to require thepresence of the property at the sale. In such event, the order shall providethat reasonable opportunity be afforded prospective bidders to inspect theproperty prior to the sale, and that notice as to the time and place forinspection shall be set out in the notice of sale. (1949, c. 719, s. 1; 1997‑83,ss. 4, 5.)