§ 45-21.9. Amount to be sold when property sold in parts; sale of remainder if necessary. - North Carolina Statutes

§45‑21.9.  Amount to be sold when property sold in parts; sale ofremainder if necessary.

(a)        When a personexercising a power of sale sells property in parts pursuant to G.S. 45‑21.8he shall sell as many of such separately described units and parcels as in hisjudgment seems necessary to satisfy the obligation secured by the instrumentpursuant to which the sale is being made, and the costs and expenses of thesale.

(b)        If the proceeds ofa sale of only a part of the property are insufficient to satisfy theobligation secured by the instrument pursuant to which the sale is made and thecosts and expenses of the sale, the person authorized to exercise the power ofsale may readvertise the unsold property and may sell as many additional unitsor parcels thereof as in his judgment seems necessary to satisfy the remainderof the secured obligation and the costs and expenses of the sale. As to anysuch sale, it shall not be necessary to comply with the provisions of G.S. 45‑21.16but the requirements of G.S. 45‑21.17 relating to notices of sale shallbe complied with.

(c)        When the entireobligation has been satisfied by a sale of only a part of the property withrespect to which a power of sale exists, the lien on the part of the propertynot so sold is discharged.

(d)        The fact that moreproperty is sold than is necessary to satisfy the obligation secured by theinstrument pursuant to which the power of sale is exercised does not affect thevalidity of the title of any purchaser of property at any such sale. (1949,c. 720, s. 1; 1975, c. 492, s. 15.)