STROUD, Judge.
Abtos, LLC ("Abtos") appeals an order in which the trial court ordered that Abtos's bid deposit be disbursed to U.S. Bank National Association ("U.S. Bank"). Abtos argues that the trial court erred because Trustee Services of Carolina, LLC ("the substitute trustee") failed to conduct a foreclosure resale in accordance with N.C. Gen.Stat. § 45-21.30(c) (2013). Finding no error, we affirm.
On 12 February 2013, the substitute trustee filed and served a notice of hearing upon
On 24 April 2014, after Abtos defaulted on its bid, the substitute trustee moved to allow the resale of the property. See N.C. Gen. Stat. § 45-21.30(c). On 24 April 2014, the Clerk of Superior Court granted the substitute trustee's motion and ordered a resale. On 7 May 2014, the substitute trustee gave notice of the resale. On 12 June 2014, at the resale, U.S. Bank made the winning bid of $400,300.00.
On 29 July 2014, Abtos moved to recover its bid deposit. On 19 August 2014, after a hearing, the Clerk of Superior Court denied Abtos's motion and ordered that Abtos's bid deposit be disbursed to U.S. Bank. See N.C. Gen.Stat. § 45-21.30(d) ("A defaulting bidder at any sale or resale or any defaulting upset bidder is liable on his bid, and in case a resale is had because of such default, he shall remain liable to the extent that the final sale price is less than his bid plus all the costs of the resale. Any deposit or compliance bond made by the defaulting bidder shall secure payment of the amount, if any, for which the defaulting bidder remains liable under this section."). On 28 August 2014, Abtos gave notice of appeal to the Superior Court. On 28 October 2014, after a hearing, the trial court entered an order affirming the Clerk of Superior Court's order. On 19 November 2014, Abtos gave timely notice of appeal to this Court.
"Issues of statutory construction are questions of law, reviewed de novo on appeal." McKoy v. McKoy, 202 N.C. App. 509, 511, 689 S.E.2d 590, 592 (2010).
Abtos's sole argument on appeal is that the trial court erred in disbursing its bid deposit to U.S. Bank because the substitute trustee failed to conduct the resale in accordance with N.C. Gen.Stat. § 45-21.30(c), which provides:
N.C. Gen.Stat. § 45-21.30(c) (emphasis added).
Abtos argues that the "procedure for [the] resale" was not the same as the original sale, because U.S. Bank's opening bid in the resale was $400,300.00, or $23,963.20 less than its opening bid in the original sale. See id. But Abtos cites no authority, nor do we find any, to support its position that the amount of a party's opening bid constitutes a "procedure" of the resale. See id. Given the vagaries of the real estate market, it would indeed seem strange to bind a party to the amount of its opening bid in a previous sale. Nor does
In addition, we note that in In re Foreclosure of Allan & Warmbold Constr. Co., the noteholder bid $388,534.99 for two parcels of land, but a real estate broker filed an upset bid in the amount of $408,034.99. In re Foreclosure of Allan & Warmbold Constr. Co., 88 N.C. App. 693, 694-95, 364 S.E.2d 723, 724, disc. review denied, 322 N.C. 480, 370 S.E.2d 222 (1988). The real estate broker later moved to withdraw his bid "upon the ground that it was made in the mistaken belief that the property being sold included" a third parcel "on which twelve specifically numbered condominium units [were] situated[.]" Id., 364 S.E.2d at 724. The trial court allowed the real estate broker to withdraw his bid and ordered a resale of the foreclosed property. Id. at 695, 364 S.E.2d at 724. "In reselling the two tracts of land[,] the trustee refused to start with the [noteholder's original] bid of $388,534.99, as the [mortgagors] demanded[.]" Id., 364 S.E.2d at 724. The noteholder made the only bid of $280,500.00, and the trial court confirmed the resale. Id., 364 S.E.2d at 724. The mortgagors appealed arguing that the trial court should have enforced the noteholder's original bid. Id. at 698, 364 S.E.2d at 726. This Court rejected the mortgagors' argument noting that "it is inherent in selling land to the last and highest bidder that the acceptance of a higher bid, which creates a conditional contract, releases the lower bid previously accepted." Id., 364 S.E.2d at 726. This Court thus affirmed the trial court's decision to confirm the resale. Id., 364 S.E.2d at 726.
For the foregoing reasons, we affirm the trial court's order.
AFFIRMED.
Judges STEPHENS and DAVIS concur.