North Carolina § 46A-86 - Sale proceeds belonging to certain parties.

§ 46A-86. Sale proceeds belonging to certain parties.

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: For proceeds up to the allowable amounts in G.S. 7A-111, receive, administer, and disburse the proceeds pursuant to that section. Order the proceeds disbursed to any of the following: A guardian of the estate or general guardian under Chapter 35A of the General Statutes. An agent under Chapter 32C of the General Statutes. In the case of a minor, a custodian under Chapter 33A of the General Statutes. A custodial trust under Chapter 33B of the General Statutes. A trust under Chapter 36C of the General Statutes. 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: A party who is imprisoned, if the proceeds cannot be disbursed to, or at the direction of, the party. 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. History (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.) Editor's Note. - This section is former G.S. 46-34 , as recodified by Session Laws 2020-23, s. 2(oo), effective October 1, 2020, and applicable to partition proceedings commenced on or after that date. The historical citation from the former section has been added to this section as recodified. The case notes for this section include decisions under the former section. Session Laws 2020-23, s. 18, made the rewriting of this section by Session Laws 2020-23, s. 3, effective October 1, 2020, and applicable to partition proceedings commenced on or after that date. Effect of Amendments. - Session Laws 2020-23, s. 3 rewrote the section. For effective date and applicability, see editor's note.