§ 44A-5. Proceeds of sale.
113 words·~1 min read·
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§ 44A-5. Proceeds of sale.
The proceeds of the sale shall be applied as follows:
(1)Payment of reasonable expenses incurred in connection with the sale. Expenses of sale include but are not limited to reasonable storage and boarding expenses after giving notice of sale.
(2)Payment of the obligation secured by the lien.
(3)Any surplus shall be paid to the person entitled thereto; but when such person cannot be found, the surplus shall be paid to the clerk of superior court of the county in which the sale took place, to be held by the clerk for the person entitled thereto. (1967, c. 1029, s. 1; 1971, c. 544, s. 2.)