North Carolina General Statutes 46A-86. Sale proceeds belonging to certain parties
(a) Minor; Incompetent Adult. – When real property is sold under this Chapter and a party to the proceeding is a minor or an incompetent adult, the court shall take appropriate steps to secure the proceeds for the benefit of the party, including any of the following:
(1) For proceeds up to the allowable amounts in N.C. Gen. Stat. § 7A-111, receive, administer, and disburse the proceeds pursuant to that section.
Terms Used In North Carolina General Statutes 46A-86
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) Order the proceeds disbursed to any of the following:
a. A guardian of the estate or general guardian under Chapter 35A of the N.C. Gen. Stat..
b. An agent under Chapter 32C of the N.C. Gen. Stat..
c. In the case of a minor, a custodian under Chapter 33A of the N.C. Gen. Stat..
d. A custodial trust under Chapter 33B of the N.C. Gen. Stat..
e. A trust under Chapter 36C of the N.C. Gen. Stat..
(b) Certain Other Parties. – When a sale is made under this Chapter, the court shall invest or deposit under N.C. Gen. Stat. § 7A-112 and N.C. Gen. Stat. § 7A-112.1 proceeds belonging to the following parties:
(1) A party who is imprisoned, if the proceeds cannot be disbursed to, or at the direction of, the party.
(2) An unknown or unlocatable cotenant.
A party may seek disbursement of these proceeds by filing a motion in the proceeding. If the party shows that the proceeds belong to the party, the court shall order that the proceeds be disbursed to the party. (1868-9, c. 122, s. 17; Code, s. 1908; 1887, c. 284, s. 3; Rev., s. 2516; C.S., s. 3245; 2020-23, ss. 2(oo), 3.)