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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Requests For Notice Posted by SeanW on September 03, 2003 at 7:11 PM Something to add to Ward's article a few months ago. I remember some time back, Ward said he trains people to verify that junior interest holders were notified before the sale. I was curious how exactly this would be done -- would the trustee provide proof, or would the potential investor need to contact all the juniors? Well, if I'm reading my statutes right, in North Carolina, there is "almost" no need for this. The junior creditors need to make the effort to file their Requests For Notice-- because only THEN would it become the trustee's responsibility to notify them, of a sale. As a practical matter, most non-institutional juniors don't file a RFN. (Heck, how many people know how to enforce a judgement, much less remember to file a RFN?) It sure sounds like cheap insurance... that they really *should* be doing. So no wonder juniors rarely bid at the auction! Follow Ups: Avoiding non-notice problems... Ward-CA- 6:31 AM, 09/04/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Something to add to Ward's article a few months ago. : I remember some time back, Ward said he trains people to verify that junior interest holders were notified before the sale. : I was curious how exactly this would be done -- would the trustee provide proof, or would the potential investor need to contact all the juniors? : Well, if I'm reading my statutes right, in North Carolina, there is "almost" no need for this. The junior creditors need to make the effort to file their Requests For Notice-- because only THEN would it become the trustee's responsibility to notify them, of a sale. : As a practical matter, most non-institutional juniors don't file a RFN. (Heck, how many people know how to enforce a judgement, much less remember to file a RFN?) : It sure sounds like cheap insurance... that they really *should* be doing. So no wonder juniors rarely bid at the auction! Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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