State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-339_64

§ 1‑339.64.  Upset bidon real property; compliance bond.

(a)        An upset bid is anadvanced, increased, or raised bid whereby a person offers to purchase realproperty theretofore sold for an amount exceeding the reported sale price orlast upset bid by a minimum of five percent (5%) thereof, but in any event witha minimum increase of seven hundred fifty dollars ($750.00). Subject to theprovisions of subsection (b) of this section, an upset bid shall be made bydelivering to the clerk of superior court, with whom the report of sale or thelast notice of upset bid was filed, a deposit in cash or by certified check orcashier's check satisfactory to the clerk in an amount greater than or equal tofive percent (5%) of the amount of the upset bid but in no event less thanseven hundred fifty dollars ($750.00). The deposit required by this sectionshall be filed with the clerk of the superior court, with whom the report ofsale or the last notice of upset bid was filed, by the close of normal businesshours on the tenth day after the filing of the report of sale or the lastnotice of upset bid and if the tenth day falls upon a Sunday or legal holidaywhen the courthouse is closed for transactions, or upon a day in which theoffice of the clerk is not open for the regular dispatch of its business, thedeposit may be made and the notice of upset bid may be filed on the dayfollowing when the office is open for the regular dispatch of its business.Except as provided in G.S. 1‑339.66A and G.S. 1‑339.69, there shallbe no resales; however, there may be successive upset bids, each of which shallbe followed by a period of 10 days for a further upset bid. If a timely motionfor resale is filed under G.S. 1‑339.66A, no upset bids may be filedwhile the motion is pending.

(b)        The clerk of thesuperior court may require an upset bidder or the highest bidder at a resaleheld under G.S. 1‑339.69 also to deposit with the clerk a cash bond, or,in lieu thereof at the option of the bidder, a surety bond, approved by theclerk. The compliance bond shall be in the amount the clerk deems adequate, butin no case greater than the amount of the bid of the person being required tofurnish the bond, less the amount of any required deposit. The compliance bondshall be payable to the State of North Carolina for the use of the parties ininterest and shall be conditioned on the principal obligor's compliance withthe bid.

(c)        Repealed by SessionLaws 2001‑271, s. 14, effective January 1, 2002. See editor's note forapplicability.

(d)        Repealed by SessionLaws 2001‑271, s. 14, effective January 1, 2002. See editor's note forapplicability.

(e)        At the time that anupset bid on real property is submitted to the court as provided in subsection(a) of this section, together with a compliance bond if one is required, theupset bidder shall file with the clerk a notice of upset bid. The notice ofupset bid shall:

(1)        State the name,address, and telephone number of the upset bidder;

(2)        Specify the amountof the upset bid;

(3)        Provide that thesale shall remain open for a period of 10 days after the date on which thenotice of upset bid is filed for the filing of additional upset bids aspermitted by law; and

(4)        Be signed by theupset bidder or the attorney or the agent of the upset bidder.

(f)         When an upset bidis made as provided in this section, the clerk shall notify the person holdingthe sale who shall thereafter mail a written notice of upset bid by first‑classmail to the last known address of the last prior bidder and the current recordowners of the property.

(g)        When an upset bidis made as provided in this section, the last prior bidder, regardless of howthe bid was made, is released from any further obligation on account of thebid, and any deposit or bond provided by the last prior bidder shall bereleased.

(h)        Any person offeringto purchase real property by upset bid as permitted in this Article is subjectto and bound by the terms of the original notice of sale except as modified bya court order or the provisions of this Article.

(i)         The clerk ofsuperior court shall make all orders as may be just and necessary to safeguardthe interests of all parties and may fix and determine all necessary proceduraldetails with respect to upset bids in all instances in which this Article failsto make definite provisions as to that procedure. (1949, c. 719, s. 1; 1967, c.979, s. 2; 1997‑119, s. 2; 2001‑271, s. 14; 2002‑28, s. 2;2003‑337, s. 7.)