§ 45-45.1 – Release of mortgagor by dealings between mortgagee and assuming grantee.
45-45.1. Release of mortgagor by dealings between mortgagee and assuming grantee. Except where otherwise provided in the mortgage or deed of trust or in the note or other instrument secured thereby, or except where the mortgagor, or grantor of a deed of trust otherwise consents: (1) Whenever real property which is encumbered by a mortgage […]
§ 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 […]
§ 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 […]
§ 45-42.3 – Automatic release of real property from ancillary security instruments.
45-42.3. Automatic release of real property from ancillary security instruments. (a) The following definitions shall apply in this section: (1) Ancillary security instrument. – An assignment of leases with respect to the real property, an assignment of rents from or arising out of the real property, a financing statement covering fixtures on the real property […]
§ 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 […]