State Codes and Statutes
Statutes > North-carolina > Chapter_45 > GS_45-21_10§45‑21.10. Requirement of cash deposit at sale.
(a) If a mortgage ordeed of trust contains provisions with respect to a cash deposit at the sale,the terms of the instrument shall be complied with.
(b) If the instrumentcontains no provision with respect to a cash deposit at the sale, the mortgageeor trustee may require the highest bidder immediately to make a cash depositnot to exceed the greater of five percent (5%) of the amount of the bid orseven hundred fifty dollars ($750.00).
(c) If the highestbidder fails to make the required deposit, the person holding the sale may atthe same time and place immediately reoffer the property for sale. (1949,c. 720, s. 1; 1993, c. 305, s. 6.)
