§ 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 […]
§ 45-68 – Requirements.
45-68. Requirements. A security instrument, otherwise valid, shall secure the following so as to give priority as provided in G.S. 45-70: (1) Recodified as subdivision (1b). (1a) Existing obligations that are specifically or generally identified, described, or referenced in the security instrument as being secured thereby, and all advances made at or prior to the […]
§ 45-69 – Fluctuation of obligations within maximum amount.
45-69. Fluctuation of obligations within maximum amount. Unless the security instrument provides to the contrary, if the maximum amount secured by the security instrument has not been advanced or if any obligation secured thereby is paid or is reduced by partial payment, further advances may be made and additional obligations secured by the security instrument […]
§ 45-70 – Priority of security instrument.
45-70. Priority of security instrument. (a) Subject to subsections (a1), (c), and (d) of this section, any security instrument that conforms to the requirements of this Article shall, from the time and date of registration thereof, have the same priority to the extent of all future advances and future obligations secured by it, and all […]
§ 45-43 – Real estate mortgage loans; commissions.
45-43. Real estate mortgage loans; commissions. Any individual or corporation authorized by law to do a real estate mortgage loan business may make or negotiate loans of money on notes secured by mortgages or deeds of trust on real estate bearing legal interest payable semiannually at maturity or otherwise, and in addition thereto, may charge, […]
§ 45-44 – Mortgages held by insurance companies, banks, building and loan associations, or other lending institutions.
45-44. Mortgages held by insurance companies, banks, building and loan associations, or other lending institutions. A mortgage or deed of trust held by an insurance company, bank, building and loan association, or other lending institution shall be deemed, for the purposes of any regulatory statute applicable to such institutions, to be a first lien on […]
§ 45-45 – Spouse of mortgagor included among those having right to redeem real property.
45-45. Spouse of mortgagor included among those having right to redeem real property. Any married person has the right to redeem real property conveyed by his or her spouse’s mortgages, deeds of trust and like security instruments and upon such redemption, to have an assignment of the security instrument and the uncancelled obligation secured thereby. […]
§ 45-36.23 – Obligation releasecontent and effect.
45-36.23. Obligation release: content and effect. (a) A document is an obligation release if it does all of the following: (1) Identifies the type of security instrument, the original parties to the security instrument, the recording data for the security instrument, and the office in which the security instrument is recorded. (2) States that the […]
§ 45-36.24 – Expiration of lien of security instrument.
45-36.24. Expiration of lien of security instrument. (a) Maturity Date. – For purposes of this section: (1) If a secured obligation is for the payment of money: a. If all remaining sums owing on the secured obligation are due and payable in full on a date specified in the secured obligation, the maturity date of […]
§ 45-37 – Satisfaction of record of security instruments.
45-37. Satisfaction of record of security instruments. (a) Subject to the provisions of G.S. 45-36.9(a) and G.S. 45-73 relating to security instruments which secure future advances, any security instrument intended to secure the payment of money or the performance of any other obligation registered as required by law may be satisfied of record and thereby […]