45-21.10. Requirement of cash deposit at sale.
(a) If a mortgage or deed 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 instrument contains no provision with respect to a cash deposit at the sale, the mortgagee or trustee may require the highest bidder immediately to make a cash deposit not to exceed the greater of five percent (5%) of the amount of the bid or seven hundred fifty dollars ($750.00).
(c) If the highest bidder fails to make the required deposit, the person holding the sale may at the same time and place immediately reoffer the property for sale. (1949, c. 720, s. 1; 1993, c. 305, s. 6.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 45 - Mortgages and Deeds of Trust
Article 2A - Sales Under Power of Sale.
§ 45-21.1 - Definitions; construction.
§ 45-21.2 - Article not applicable to foreclosure by court action.
§ 45-21.4 - Place of sale of real property.
§ 45-21.7 - Sale of separate tracts in different counties.
§ 45-21.8 - Sale as a whole or in parts.
§ 45-21.9 - Amount to be sold when property sold in parts; sale of remainder if necessary.
§ 45-21.9A - Simultaneous foreclosure of two or more instruments.
§ 45-21.10 - Requirement of cash deposit at sale.
§ 45-21.11 - Application of statute of limitations to serial notes.
§ 45-21.12 - Power of sale barred when foreclosure barred.
§ 45-21.12A - Power of sale barred during periods of military service.
§ 45-21.14 - Clerk's authority to compel report or accounting; contempt proceeding.
§ 45-21.16 - Notice and hearing.
§ 45-21.16A - Contents of notice of sale.
§ 45-21.16C - Opportunity for parties to resolve foreclosure of owner-occupied residential property.
§ 45-21.17 - Posting and publishing notice of sale of real property.
§ 45-21.17A - Requests for copies of notice.
§ 45-21.20 - Satisfaction of debt after publishing or posting notice, but before completion of sale.
§ 45-21.21 - Postponement of sale; notice of cancellation.
§ 45-21.24 - Continuance of uncompleted sale.
§ 45-21.26 - Preliminary report of sale of real property.
§ 45-21.27 - Upset bid on real property; compliance bonds.
§ 45-21.29 - Orders for possession.
§ 45-21.29A - No necessity for confirmation of sale.
§ 45-21.30 - Failure of bidder to make cash deposit or to comply with bid; resale.
§ 45-21.31 - Disposition of proceeds of sale; payment of surplus to clerk.
§ 45-21.32 - Special proceeding to determine ownership of surplus.