State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-339_28

§1‑339.28.  Public sale; confirmation of sale.

(a)        No public sale ofreal property may be consummated until confirmed as follows:

(1)        If a public sale isordered by a judge of the Superior Court Division, it may thereafter beconfirmed by a resident superior court judge of the district or a superiorcourt judge regularly holding the courts of the district.

(2)        If a public sale isordered by a judge of the District Court Division, it may thereafter beconfirmed by the judge so ordering, the chief district judge, or any districtjudge authorized by the chief judge to hear motions and enter interlocutoryorders.

(3)        If a public sale isordered by a clerk of court, it may thereafter be confirmed by the clerk ofcourt so ordering.

(b)        No public sale ofreal property of a minor or incompetent originally ordered by a clerk may beconsummated until confirmed both by the clerk and by a resident superior courtjudge of, or a judge regularly holding the courts of, the district or set ofdistricts as defined in G.S. 7A‑41.1(a).

(c)        No public sale ofreal property sold at public auction may be confirmed until the time forsubmitting an upset bid, pursuant to G.S. 1‑339.25, has expired.

(d)        Confirmation of thepublic sale of personal property is necessary only in the case set out in G.S.1‑339.23(a), or when the order of sale provides for such confirmation.

(e)        No public sale oftimber sold by sealed bid shall be confirmed until the court determines thatthe highest bid is an adequate price for the timber sold and that sale to thehighest bidder is in the best interest of the person or estate for whom thetimber is being sold. In so doing, the court may consider any of the followingfactors:

(1)        The appraisalsobtained by the person who conducted the sale;

(2)        The number andamounts of the other bids received;

(3)        Comparable sales ofsimilar timber within the relevant time period;

(4)        Short‑termmarket factors that depressed the price at the time of the sale;

(5)        The likelihood ofsignificantly increasing the price through another sale;

(6)        The additional costof conducting another sale;

(7)        The effect on theperson or estate for whom the timber is being sold of the delay that wouldresult from conducting another sale; and

(8)        Any other factors inevidence that the court considers relevant. (1949, c. 719, s. 1; 1971, c.268, s. 20; 1997‑83, ss. 26‑28.)