North Carolina § 45-21 - 34. Enjoining mortgage sales on equitable grounds.

§ 45-21. 34. Enjoining mortgage sales on equitable grounds.

Any owner of real estate, or other person, firm or corporation having a legal or equitable interest therein, may apply to a judge of the superior court, prior to the time that the rights of the parties to the sale or resale becoming fixed pursuant to G.S. 45-21.29A to enjoin such sale, upon the ground that the amount bid or price offered therefor is inadequate and inequitable and will result in irreparable damage to the owner or other interested person, or upon any other legal or equitable ground which the court may deem sufficient: Provided, that the court or judge enjoining such sale, whether by a temporary restraining order or injunction to the hearing, shall, as a condition precedent, require of the plaintiff or applicant such bond or deposit as may be necessary to indemnify and save harmless the mortgagee, trustee, cestui que trust, or other person enjoined and affected thereby against costs, depreciation, interest and other damages, if any, which may result from the granting of such order or injunction: Provided further, that in other respects the procedure shall be as is now prescribed by law in cases of injunction and receivership, with the right of appeal to the appellate division from any such order or injunction. History (1933, c. 275, s. 1; 1949, c. 720, s. 3; 1969, c. 44, s. 50; 1993, c. 305, s. 22.) Legal Periodicals. - For review of former G.S. 45-32, which was transferred to this section by Session Laws 1949, c. 720, s. 3, see 11 N.C.L. Rev. 240 (1933). For survey of 1978 property law, see 57 N.C.L. Rev. 1103 (1979). For survey of 1980 property law, see 59 N.C.L. Rev. 1209 (1981). For comment, "Out of Luck: The Effect of the North Carolina Supreme Court's Decision in In re Lucks and its Impact on the Law of Foreclosures,” see 41 Campbell L. Rev. 253 (2019).