§ 45-21.30. Failure of bidder to make cash deposit or to comply with bid; resale. - North Carolina Statutes

§45‑21.30.  Failure of bidder to make cash deposit or to comply with bid;resale.

(a)        If the terms of asale of real property require the highest bidder to make a cash deposit at thesale, and he fails to make such required deposit, the person holding the saleshall at the same time and place again offer the property for sale.

(b)        Repealed by SessionLaws 1967, c. 562, s. 2.

(c)        When the highestbidder at a sale or resale or any upset bidder fails to comply with his bidupon tender to him of a deed for the real property or after a bona fide attemptto tender such a deed, the clerk of superior court may, upon motion, enter anorder authorizing a resale of the real property.  The procedure for such resaleshall be the same in every respect as is provided by this Article in the caseof an original sale of real property except that the provisions of G.S. 45‑21.16are not applicable to the resale.

(d)        A defaulting bidderat any sale or resale or any defaulting upset bidder is liable on his bid, andin case a resale is had because of such default, he shall remain liable to theextent that the final sale price is less than his bid plus all the costs of theresale.  Any deposit or compliance bond made by the defaulting bidder shallsecure payment of the amount, if any, for which the defaulting bidder remainsliable under this section.

(e)        Nothing in thissection deprives any person of any other remedy against the defaulting bidder. (1949,c. 720, s. 1; 1967, c. 562, s. 2; 1975, c. 492, s. 10; 1977, c. 359, s, 15;1993, c. 305, s. 20.)