§ 45-21.31. Disposition of proceeds of sale; payment of surplus to clerk. - North Carolina Statutes - USA Laws Searching

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§ 45-21.31. Disposition of proceeds of sale; payment of surplus to clerk.

§45‑21.31.  Disposition of proceeds of sale; payment of surplus to clerk.

(a)        The proceeds of anysale shall be applied by the person making the sale, in the following order, tothe payment of –

(1)        Costs and expensesof the sale, including the trustee's commission, if any, and a reasonableauctioneer's fee if such expense has been incurred;

(2)        Taxes due and unpaidon the property sold, as provided by G.S. 105‑385, unless the notice ofsale provided that the property be sold subject to taxes thereon and theproperty was so sold;

(3)        Special assessments,or any installments thereof, against the property sold, which are due andunpaid, as provided by G.S. 105‑385, unless the notice of sale providedthat the property be sold subject to special assessments thereon and theproperty was so sold;

(4)        The obligationsecured by the mortgage, deed of trust or conditional sale contract.

(b)        Any surplusremaining after the application of the proceeds of the sale as set out insubsection (a) shall be paid to the person or persons entitled thereto, if theperson who made the sale knows who is entitled thereto. Otherwise, the surplusshall be paid to the clerk of the superior court of the county where the salewas had–

(1)        In all cases whenthe owner of the property sold is dead and there is no qualified and actingpersonal representative of his estate, and

(2)        In all cases when heis unable to locate the persons entitled thereto, and

(3)        In all cases whenthe mortgagee, trustee or vendor is, for any cause, in doubt as to who isentitled to such surplus money, and

(4)        In all cases whenadverse claims thereto are asserted.

(c)        Such payment to theclerk discharges the mortgagee, trustee or vendor from liability to the extentof the amount so paid.

(d)        The clerk shallreceive such money from the mortgagee, trustee or vendor and shall execute areceipt therefor.

(e)        The clerk is liableon his official bond for the safekeeping of money so received until it is paidto the party or parties entitled thereto, or until it is paid out under theorder of a court of competent jurisdiction. (1949, c. 720, s. 1; 1951, c.252, s. 1; 1967, c. 562, s. 2; 1981, c. 682, s. 10.)