North Carolina General Statutes 1-339.1. Definitions
(a) A judicial sale is a sale of property made pursuant to an order of a judge or clerk in an action or proceeding in the superior or district court, including a sale pursuant to an order made in an action in court to foreclose a mortgage or deed of trust, but is not
(1) A sale made pursuant to a power of sale
a. Contained in a mortgage, deed of trust, or conditional sale contract, or
b. Granted by statute with respect to a mortgage, deed of trust, or conditional sale contract, or
Terms Used In North Carolina General Statutes 1-339.1
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- sale: means a judicial sale. See North Carolina General Statutes 1-339.1
- Statute: A law passed by a legislature.
(2) A resale ordered with respect to any sale described in subsection (a)(1), where such original sale was not held under a court order, or
(3) An execution sale, or
(4) A sale ordered in a criminal action, or
(5) A tax foreclosure sale, or
(6) A sale made pursuant to Article 15 of Chapter 35A of the N.C. Gen. Stat., relating to sales of estates held by the entireties when one or both spouses are mentally incompetent, or
(7) A sale made in the course of liquidation of a bank pursuant to Article 9 of Chapter 53C of the N.C. Gen. Stat., or
(8) A sale made in the course of liquidation of an insurance company pursuant to Article 30 of Chapter 58 of the N.C. Gen. Stat., or
(8a) A lease, sale, or exchange made pursuant to N.C. Gen. Stat. § 35A-1251(17) or N.C. Gen. Stat. § 35A-1252(14), unless any order thereunder requires, or
(9) Any other sale the procedure for which is specially provided by any statute other than this Article.
(b) As hereafter used in this Article, “sale” means a judicial sale. (1949, c. 719, s. 1; 1971, c. 268, s. 16; 1987, c. 550, s. 12; 1989, c. 473, s. 10; 2003-221, s. 4; 2012-56, s. 5.)