§ 45-21.10. Requirement of cash deposit at sale. - North Carolina Statutes

§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.)