This text of North Carolina § 46A-86 (Sale proceeds belonging to certain parties) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(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 G.S. 7A-111, receive, administer, and disburse the proceeds pursuant to that section.
(2)Order the proceeds disbursed to any of the following:
a. A guardian of the estate or general guardian under Chapter 35A of the General Statutes.
b. An agent under Chapter 32C of the General Statutes.
c. In the case of a minor, a custodian under Chapter 33A of the General Statutes.
d. A custodial trust under Chapter 33B of the General Statutes.
e. A trust under Chapter 36C of the General Stat
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(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 G.S. 7A-111, receive, administer, and disburse the proceeds pursuant to that section.
(2) Order the proceeds disbursed to any of the following:
a. A guardian of the estate or general guardian under Chapter 35A of the General Statutes.
b. An agent under Chapter 32C of the General Statutes.
c. In the case of a minor, a custodian under Chapter 33A of the General Statutes.
d. A custodial trust under Chapter 33B of the General Statutes.
e. A trust under Chapter 36C of the General Statutes.
(b) Certain Other Parties. - When a sale is made under this Chapter, the court shall invest or deposit under G.S. 7A-112 and G.S. 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.)
§ 46A-87: Reserved for future codification purposes.
§ 46A-88: Reserved for future codification purposes.
§ 46A-89: Reserved for future codification purposes.
§ 46A-90: Reserved for future codification purposes.
§ 46A-91: Reserved for future codification purposes.
§ 46A-92: Reserved for future codification purposes.
§ 46A-93: Reserved for future codification purposes.
§ 46A-94: Reserved for future codification purposes.
§ 46A-95: Reserved for future codification purposes.
§ 46A-96: Reserved for future codification purposes.
§ 46A-97: Reserved for future codification purposes.
§ 46A-98: Reserved for future codification purposes.
§ 46A-99: Reserved for future codification purposes.