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Surplus Funds Q&A Series

What happens to other debts like credit cards when surplus funds are being calculated and distributed? NC

What happens to other debts like credit cards when surplus funds are being calculated and distributed? – North Carolina Short Answer In North Carolina, surplus funds from a foreclosure sale are not automatically used to pay ordinary unsecured debts like credit cards. The sale proceeds are applied in a set order (sale costs, certain taxes/assessments,…

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Probate Q&A Series

What happens if the final accounting isn’t completed in time for a trust company’s committee deadline? NC

What happens if the final accounting isn’t completed in time for a trust company’s committee deadline? – North Carolina Short Answer In North Carolina, a trust company’s internal committee deadline does not control the legal deadline for an executor (personal representative) to finish an estate. If the final accounting and “closing package” are not ready…

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