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North Carolina General Statutes Chapter 46A. Partition § 46A-86. Sale proceeds belonging to certain parties

Current as of January 01, 2023 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 46A. Partition § 46A-86. Sale proceeds belonging to certain parties - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-46a-partition/nc-gen-st-sect-46a-86/

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