§ 1-339.31. Public sale; report of commissioner or trustee in deed of trust. - North Carolina Statutes

§1‑339.31.  Public sale; report of commissioner or trustee in deed oftrust.

(a)        A commissioner or atrustee in a deed of trust, authorized pursuant to G.S. 1‑339.4 to hold apublic sale of property, shall, in addition to all other reports required bythis Article, file with the clerk of the superior court an account of hisreceipts and disbursements as follows:

(1)        When the sale is forcash, a final report shall be filed within thirty days after receipt of theproceeds of the sale;

(2)        When the sale is whollyor partly on time and the commissioner or trustee is not required to collectdeferred payments, a final report shall be filed within thirty days afterreceipt of the cash payment, if any is required, and the receipt of allsecurities for the purchase price;

(3)        When thecommissioner or trustee is required to collect deferred payments,

a.         He shall file apreliminary report within thirty days after receipt of the cash payment, if anyis required, and the receipt of all securities for the purchase price, and

b.         If the period oftime during which he is required to collect deferred payments extends over morethan one year, he shall file an annual report of his receipts and disbursements, and

c.         After collecting alldeferred payments, he shall file a final report.

(b)        The clerk shallaudit and record the reports and accounts required to be filed pursuant to thissection. (1949, c. 719, s. 1.)