§ 45-74 – Article not exclusive.
45-74. Article not exclusive. The provisions of this Article shall not be deemed exclusive. Nothing in this Article shall invalidate or overrule any rule of validity or priority applicable to any security instrument failing to comply with the provisions of this Article. (1969, c. 736, s. 1; 2011-312, s. 19.)
§ 45-80 – Priority of security instruments securing certain home loans.
45-80. Priority of security instruments securing certain home loans. (a) Notwithstanding any other provision of law, a deed of trust or mortgage which secures a loan that complies with subsection (b) below shall have priority and continue to have priority from the time and date of registration thereof to the extent of all principal and […]
§ 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 […]
§ 45-45.2 – Transfer taxes not applicable.
45-45.2. Transfer taxes not applicable. Notwithstanding any other provision of law, no excise tax on instruments conveying an interest in real property, except that levied by Article 8E of Chapter 105 of the General Statutes, shall apply to instruments conveying an interest in property as the result of foreclosure or in lieu of foreclosure to […]
§ 45-45.3 – Trustee in a deed of trust.
45-45.3. Trustee in a deed of trust. (a) The following definitions apply in this section: (1) Secured creditor. – The holder, owner, or assignee of the obligation secured by a deed of trust. (2) Trustee. – The trustee or substitute trustee then serving as such under the terms of a deed of trust. (b) Unless […]
§ 45-67 – Definitions.
45-67. Definitions. The following definitions apply in this Article: (1) Advance. – A disbursement of funds or other action that increases the outstanding principal balance owing on an obligation for the payment of money. (2) Security instrument. – A mortgage, deed of trust, or other instrument relating to real property securing an obligation or obligations […]