§ 45-83 – Future advances statute shall not apply.
45-83. Future advances statute shall not apply. The provisions of Article 7 of this Chapter shall not apply to an equity line of credit or the equity line security instrument securing it, if the equity line security instrument shows on its face that it secures an equity line of credit governed by the provisions of […]
§ 45-84 – Article not exclusive.
45-84. Article not exclusive. Except as otherwise provided in G.S. 45-83, the provisions of this Article are not exclusive. Nothing in this Article shall invalidate or overrule any rule of validity or priority applicable to any mortgage, deed of trust, or other security instrument failing to comply with the provisions of this Article. (1985, c. […]
§ 45-82.4 – Prepayment penalty.
45-82.4. Prepayment penalty. Except as provided in G.S. 24-9(c), no prepayment penalty may be charged with respect to an equity line of credit. (2011-312, s. 25.)
§ 45-81 – Definitions.
45-81. Definitions. The following definitions apply in this Article: (1) Authorized person. – Any borrower; the legal representative of any borrower; the attorney for any borrower; a title insurance company authorized pursuant to Article 26 of Chapter 58 of the General Statutes to issue title insurance policies in the State of North Carolina, but only […]
§ 45-82 – Priority of equity line security instrument.
45-82. Priority of equity line security instrument. An equity line security instrument shall, from the time and date of its registration, have the same priority to the extent of all advances secured by it as if the advances had been made at the time of the registration of the equity line security instrument, notwithstanding the […]
§ 45-82.1 – Extension of period for advances.
45-82.1. Extension of period for advances. (a) The period for advances agreed to pursuant to G.S. 45-81(3) may be extended by written agreement of the lender and borrower executed and registered prior to expiration or termination of the equity line of credit or the borrower’s obligation to repay any outstanding indebtedness. Any extended period shall […]
§ 45-82.2 – Request to terminate an equity line of credit.
45-82.2. Request to terminate an equity line of credit. (a) Upon receipt of a request from an authorized person to terminate an equity line of credit, the lender shall (i) terminate the borrower’s right to obtain advances under the borrower’s equity line of credit; (ii) apply all sums subsequently paid by or on behalf of […]
§ 45-82.3 – Notice regarding future advances.
45-82.3. Notice regarding future advances. (a) A notice regarding future advances may be submitted to a lender by an authorized person, an owner of the property, or a qualified lien holder. (b) Except as provided in subsection (c) of this section, an advance made by a lender to a borrower pursuant to an equity line […]