§ 1-339.69. Failure of bidder to comply with bid; resale. - North Carolina Statutes

§ 1‑339.69.  Failure ofbidder to comply with bid; resale.

(a)        When the highestbidder at a sale of personal property fails to pay the amount of the bid, thesheriff shall at the same time and place immediately resell the property. Inthe event no other bid is received, a new sale may be advertised in the regularmanner provided by this Article for an original sale.

(b)        When the highestbidder at a sale or resale of real property or any upset bidder fails to complywith the bid within 10 days after the tender to the bidder of a deed for theproperty or after a bona fide attempt to tender such deed, the clerk of thesuperior court who issued the execution may order a resale. The procedure forsuch resale is the same in every respect as is provided by this Article in thecase of an original sale of real property.

(c)        A defaulting bidderat any sale or resale or any defaulting upset bidder is liable on the bid, andin case a resale is had because of the default, the defaulting bidder remainsliable to the extent that the final sale price is less than the bid plus allcosts of the resale or resales. Any deposit or compliance bond made by thedefaulting bidder shall secure payment of the amount, if any, for which thedefaulting bidder remains liable under this section.

(d)        Nothing in thissection deprives any person of any other remedy against the defaulting bidder. (1949, c. 719, s. 1; 2001‑271,s. 18.)