NC H782

Establishes a priority order for receiver payments: first, administration costs and debts with liens on trust property; second, wages earned by workers within three months before registration; third, all other debts on a ratable basis.

Permits sale of collateral before the standard 10-day waiting period if the sale price is sufficient to satisfy all liens on the property in full.

Allows liens to attach to sale proceeds rather than remaining on the original property, with liens on proceeds maintaining the same attachment and perfection dates as the original liens.

Applies to both trustees named in deeds of trust and trustees appointed by clerks of superior court.

Becomes effective October 1, 2011.