Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-08
REPORTED FOR THE JOURNAL. |
AN ACT
To Protect Property sold under Execution
from Sacrifice.


from Sacrifice.
Section !. BE ii enacted BIZ tie Genera
assembly Of lie Stede Of -No7N Ca7'QIino, enc
it is hereJv enacted by tie dutho, iy q It's
same, That in all cases where property
shall be offered and exposed to public auc-
ton at execution sale, whether such eXecu-
ton issue from Justice Of the Peace, or
from any of the said courts of said State
before such sale shall take place it shall be
the duty of the Sheriff or other officer hay
ing the execution or executions to summon
Justice of the Peace and two freeholders,
in every case of such execution, when re-
quired to do 50 by the defendant, his attol-
ncy or agent, to be and appear on the
day of sale, at the place of sale,
and the said Justice of the Peace shall
administer to the said freeholdcrs the
following oath l, -, do sOlemnly
swear, that [ am unconnectcd with both
plaintiff and defendant in this execution,
that am without pre- udice towards either
of the parties, and that / will view and ex-
anime in every case of such execution
when required so to do, the property of the
defendant, and assess at cash valuation each
article Of said property, impartially and to
the best of my Judgment and belief, SO help
me God.
SEC. 2. BE Hfu7t1e,' enacted, That should
said freeholders be unable TO agree as to
the value of all, or any of said property of
said defendant, SO levied on, that it shall
be the duty Of said Justice to act as UNI
pire, and when such assessment and valua-
ton shall be agreed upon, it shall be the
duty of said freebooter to report the same
to said officer, in writing. signed with their
names, specifying therein the cash value of
each article of property levied on, of every
character whatever, and it shall be the duty
of said officer to return such inventory
with said valuation, with the papers in the
case.
SEC. ). BE il further cnuctsd, That if any
land or other article of property so assess
ed, shall be offered for sale under any exc
cution or writ of ferj, ffaciaS or cenditiOni &C.
ponds or decree for sale, and shall not bring
three-fourths of its appraised value, that
fact shall be taken and deemed by the Sher-
if or other officer in whose hands the pro-
cess may be, to be conclusive evidence of a
want of fair competition among bidders
and of an unjust sacrifice Of the property
to the detriment of both the debtor and
creditor, and it shall in that case, be the
duty of the Sheriff or other officer to for
bear the sale of said property, and return
the process to the court from which it issu-
ed at its succeeding term, ; or if from JUS
tice of the peace, then before some Justice
of the Peace, within sixty days, with an
endorsement of the facts and mo sale, for
the want of fair competition among bidders,
whereupon alias process may issue, and the
property shall again be advertised and Of
Tered for sale, and if, again, it shall not
bring three fourths of its value, as apprais-
ed aforesaid, the Sheriff or other officer
shall make similar return, and so continue
from term to term, until there shall be suf-
feient competition among bidders to pro-
duce a fair sale.
SEC. 4. Be ii further enacted, That said
Justice and freeholders shall be entitled to
and shall receive from said defendant, one
dollar each, for every day they may be en-
gagged in max. 4g said valuation.
SEcr 5. Be ii fus'tjte' enacted, that all laws
and clauses of laws, coming in conflict with
this act, be, and the same are hereby re-
pealed.
Sec. g. Be it further enacted, That this
act shall be in force from and after its rati-
fication.
Ratified this 26th February, 1867.
r. Y. MCADEN,
Speaker House Commons.
NJ T.. MANLY,
Speaker Senate.