NC H164

Amends G.S. 45-21.22 to clarify procedures when a bankruptcy petition stays a foreclosure sale before the 10-day upset bid period expires.

Requires the clerk of superior court to release deposits held for upset bidders upon receipt of a certified copy of a bankruptcy court order or notice indicating the debtor filed a bankruptcy petition.

Requires the trustee or mortgagee to release cash deposits held for the high bidder to that bidder upon notification of a bankruptcy stay.

Becomes effective October 1, 2011.