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IN RE FORECLOSURE OF DEED OF TRUST, ETC.

No. 8025SC309.

272 S.E.2d 893 (1980)

In re FORECLOSURE OF DEED OF TRUST RECORDED IN BOOK 911, AT PAGE 512, CATAWBA COUNTY REGISTRY.

Court of Appeals of North Carolina.

December 16, 1980.

Attorney(s) appearing for the Case

M. Carr Ferguson, Asst. Atty. Gen., Gilbert E. Anderews, Daniel F. Ross, and Donald B. Susswein, Tax Division, I. R. S., Washington, D. C., for appellant United States of America.

E. James Moore, Wilkesboro, for appellee Northwestern Factors, Inc.

MORRIS, Chief Judge.

The I.R.S. presents the novel question of whether funds generated by the foreclosure and sale of real property pursuant to a power of sale contained in a deed of trust conveying that property retain the characteristics of the underlying property and are thus constructively held by the entirety, or whether the tenancy by the entirety is terminated and the proceeds take on the characteristics of property held by tenants in common. The I.R.S. contends...

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