reglab/statecodes huggingface dataset:
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 2C - Validating Sections; Limitation of Time for Attacking Certain Foreclosures. › § 45-21.49 - Validation of foreclosure sales when provisions of § 45-21.16A(a)(3) not complied with.

§ 45-21.49. Validation of foreclosure sales when provisions of § 45-21.16A(a)(3) not complied with.
(a) Whenever any real property was sold under a power of sale as provided in Article 2A of Chapter 45, and the notice of sale did not describe the improvements on the property to be sold, as required under G.S. 45-21.16A(a)(3), the sale shall not be invalidated because of such omission.
(b) This section shall apply to all sales completed prior to June 1, 1987. (1987, c. 277, s. 10a.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 3 - Mortgage Sales. › § 45-22 - Transferred to G.S45-21.39 by Session Laws 1949, c720, s4.

§ 45-22: Transferred to G.S. 45-21.39 by Session Laws 1949, c. 720, s. 4.
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 3 - Mortgage Sales. › § 45-26.1 - Transferred to G.S45-21.40 by Session Laws 1949, c720, s4.

§ 45-26.1. Transferred to G.S. 45-21.40 by Session Laws 1949, c. 720, s. 4.
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 3 - Mortgage Sales. › § 45-31 - Transferred to G.S45-21.41 by Session Laws 1949, c720, s4.

§ 45-31. Transferred to G.S. 45-21.41 by Session Laws 1949, c. 720, s. 4.
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 3 - Mortgage Sales. › § 45-32 through 45-36 - Transferred to G.S45-21.34 to 45-21.38 by Session Laws 1949, c720, s3.

§§ 45-32 through 45-36. Transferred to G.S. 45-21.34 to 45-21.38 by Session Laws 1949, c. 720, s. 3.
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 3 - Mortgage Sales. › § 45-36.1 - Transferred to G.S45-21.42 by Session Laws 1949, c720, s4.

§ 45-36.1. Transferred to G.S. 45-21.42 by Session Laws 1949, c. 720, s. 4.
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.2 - Obligation of good faith.

§ 45-36.2. Obligation of good faith.
Every action or duty within this Article imposes an obligation of good faith in its performance or enforcement. (1953, c. 848; 2005-123, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.3 - Notification by mortgagee of satisfaction of provisions of deed of trust or mortgage, or other instrument; civil penalty.

§ 45-36.3. Notification by mortgagee of satisfaction of provisions of deed of trust or mortgage, or other instrument; civil penalty.
(a) After the satisfaction of the provisions of any deed of trust or mortgage, or other instrument intended to secure with real property the payment of money or the performance of any other obligation and registered as required by law, the holder of the evidence of the indebtedness, if it is a single instrument, or a duly authorized agent or attorney of such holder shall within 60 days:
(1) Discharge and release of record such documents and forward the cancelled documents to the grantor, trustor or mortgagor; or,
(2) Alternatively, the holder of the evidence of the indebtedness or a duly authorized agent or attorney of such holder, at the request of the grantor, trustor or mortgagor, shall forward said instrument and the deed of trust or mortgage instrument, with payment and satisfaction acknowledged in accordance with the requirements of G.S. 45-37, to the grantor, trustor or mortgagor.
(b) Any person, institution or agent who fails to comply with this section may be required to pay a civil penalty of not more than one thousand dollars ($1,000) in addition to reasonable attorneys' fees and any other damages awarded by the court to the grantor, trustor or mortgagor, or to a subsequent purchaser of the property from the grantor, trustor or mortgagor. A five hundred dollar ($500.00) civil penalty may be recovered by the grantor, trustor or mortgagor, and a five hundred dollar ($500.00) penalty may be recovered by the purchaser of the property from the grantor, trustor or mortgagor. If that purchaser of the property consists of more than a single grantee, then the civil penalty will be divided equally among all of the grantees. A petitioner may recover damages under this section only if he has given the mortgagee, obligee, beneficiary or other responsible party written notice of his intention to bring an action pursuant to this section. Upon receipt of this notice, the mortgagee, obligee, beneficiary or other responsible party shall have 30 days, in addition to the initial 60-day period, to fulfill the requirements of this section.
(c) Should any person, institution or agent who is not the present holder of the evidence of indebtedness be required to pay a civil penalty, attorneys' fees, or other damages under this section, they will have an action against the holder of the evidence of indebtedness for all sums they were required to pay.
(d) This section applies only if the provisions of the deed of trust, mortgage, or other instrument are satisfied before October 1, 2005. (1979, c. 681, s. 1; 1987, c. 662, ss. 1-3; 2005-123, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.5 - Notificationmanner of giving and effective date.

§ 45-36.5. Notification: manner of giving and effective date.
(a) A person gives a notification by any of the following:
(1) Depositing it with the United States Postal Service with first-class postage paid or with a commercially reasonable delivery service with cost of delivery provided, properly addressed to the recipient's address for giving a notification.
(2) Sending it by facsimile transmission, electronic mail, or other electronic transmission to the recipient's address for giving a notification, but only if the recipient agreed to receive notification in that manner.
(3) Causing it to be received at the address for giving a notification within the time that it would have been received if given pursuant to subdivision (1) of this subsection.
(b) A notification is effective on any of the following:
(1) The day after it is deposited with a commercially reasonable delivery service for overnight delivery.
(2) Three days after it is deposited with the United States Postal Service, first-class mail with postage prepaid, or with a commercially reasonable delivery service for delivery other than by overnight delivery.
(3) The day it is given, if given pursuant to subdivision (a)(2) of this section.
(4) The day it is received, if given by a method other than as provided in subdivision (a)(1) or (a)(2) of this section.
(c) If this Article or a notification given pursuant to this Article requires performance on or by a certain day and that day is a Saturday, Sunday, or legal holiday under the laws of this State or the United States, the performance is sufficient if performed on the next day that is not a Saturday, Sunday, or legal holiday. (2005-123, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.8 - Understated payoff statement or short-pay statementcorrection; effect.

§ 45-36.8. Understated payoff statement or short-pay statement: correction; effect.
(a) If a secured creditor determines that the payoff amount it provided in a payoff statement or the short-pay amount it provided in a short-pay statement was understated, the creditor may send a corrected payoff or short-pay statement. If the entitled person or the person's authorized agent receives and has a reasonable opportunity to act upon a corrected payoff statement or short-pay statement before making payment, the corrected statement supersedes an earlier statement.
(b) A secured creditor that sends a payoff statement containing an understated payoff amount or a short-pay statement containing an understated short-pay amount may not deny the accuracy of the payoff amount or short-pay amount as against any person that reasonably and detrimentally relies upon the understated payoff amount or short-pay amount.
(c) This Article does not:
(1) Affect the right of a secured creditor to recover any sum that it did not include in a payoff amount or a short-pay amount from any person liable for payment of the secured obligation; or
(2) Limit any claim or defense that a person liable for payment of a secured obligation may have under law other than this Article. (2005-123, s. 1; 2011-312, s. 7.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.10 - Content and effect of satisfaction.

§ 45-36.10. Content and effect of satisfaction.
(a) A document is a satisfaction of a security instrument 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 person signing the satisfaction is the secured creditor.
(3) Reserved.
(4) Contains language terminating the effectiveness of the security instrument.
(5) Is signed by the secured creditor and acknowledged as required by law for a conveyance of an interest in real property.
(b) The register of deeds shall accept for recording a satisfaction of a security instrument, unless one of the following applies:
(1) The document is submitted by a method or in a medium not authorized for registration by the register of deeds under applicable law.
(2) The document is not signed by the secured creditor and acknowledged as required by law for a conveyance of an interest in real property. The register of deeds shall not be required to verify or make inquiry concerning (i) the truth of the matters stated in any satisfaction document, or (ii) the authority of the person executing any satisfaction document to do so.
(c) Unless the satisfaction expressly states that the underlying obligation secured by the security instrument has been extinguished and the underlying note or other instrument evidencing the obligation has been cancelled, the recording of a satisfaction of a security instrument does not by itself extinguish any liability of a person for payment or performance of the secured obligation. (2005-123, s. 1; 2015-56, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.11 - Satisfactionform.

§ 45-36.11. Satisfaction: form.
(a) Standard Form. - No particular phrasing is required for a satisfaction of a security instrument. The following form, when properly completed, is sufficient to satisfy the requirements of G.S. 45-36.10(a):
"SATISFACTION OF SECURITY INSTRUMENT
(G.S. 45-36.10; G.S. 45-37(a)(7))
The undersigned is now the secured creditor in the security instrument identified as follows:
Type of Security Instrument: (identify type of security instrument, such as deed of trust or mortgage)
Original Grantor(s): (Identify original grantor(s), trustor(s), or mortgagor(s))
Original Secured Party(ies): (Identify the original beneficiary(ies), mortgagee(s), or secured party(ies) in the security instrument)
Recording Data: The security instrument is recorded in Book ____ at Page ____ or as document number ________ in the office of the Register of Deeds for ____________ County, North Carolina.
This satisfaction terminates the effectiveness of the security instrument.
Date: ______________ _____________________________
(Signature of secured creditor)
[Acknowledgment before officer authorized to take acknowledgments]"
(b) Alternate Form. - A secured creditor who would like to indicate that the underlying obligation secured by the instrument has been extinguished may use the following form, which, when properly completed, is also sufficient to satisfy the requirements of G.S. 45-36.10(a):
"SATISFACTION OF SECURITY INSTRUMENT
(G.S. 45-36.10; G.S. 45-37(a)(7))
The undersigned is now the secured creditor in the security instrument identified as follows:
Type of Security Instrument: (identify type of security instrument, such as deed of trust or mortgage)
Original Grantor(s): (Identify original grantor(s), trustor(s), or mortgagor(s))
Original Secured Party(ies): (Identify the original beneficiary(ies), mortgagee(s), or secured party(ies) in the security instrument)
Recording Data: The security instrument is recorded in Book ____ at Page ____ or as document number ________ in the office of the Register of Deeds for ____________ County, North Carolina.
This satisfaction terminates the effectiveness of the security instrument and extinguishes the underlying obligation secured by the instrument.
Date: ______________ _____________________________
(Signature of secured creditor)
[Acknowledgment before officer authorized to take acknowledgments]".
(2005-123, s. 1; 2012-150, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.12 - Limitation of secured creditor's liability.

§ 45-36.12. Limitation of secured creditor's liability.
A secured creditor is not liable under this Article if it:
(1) Established a reasonable procedure to achieve compliance with its obligations under this Article;
(2) Complied with that procedure in good faith; and
(3) Was unable to comply with its obligations because of circumstances beyond its control. (2005-123, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.13 - Eligibility to serve as satisfaction agent.

§ 45-36.13. Eligibility to serve as satisfaction agent.
No person other than an attorney licensed to practice law in the State of North Carolina may serve as a satisfaction agent under this Article. (2005-123, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.18 - Affidavit of satisfactioneffect.

§ 45-36.18. Affidavit of satisfaction: effect.
(a) Upon recording, an affidavit substantially complying with the requirements of G.S. 45-36.16 constitutes a satisfaction of the security instrument described in the affidavit.
(b) The recording of an affidavit of satisfaction of a security instrument does not by itself extinguish any liability of a person for payment or performance of the secured obligation.
(c) The register of deeds may not refuse to accept for recording an affidavit of satisfaction of a security instrument unless:
(1) The affidavit is submitted by a method or in a medium not authorized for registration by the register of deeds under applicable law; or
(2) The affidavit is not signed by the satisfaction agent and either (i) acknowledged as required by law for a conveyance of an interest in real property or (ii) sworn to or affirmed before an officer authorized to administer oaths and affirmations. The register of deeds shall not be required to verify or make inquiry concerning (i) the truth of the matters stated in any affidavit of satisfaction, or (ii) the authority of the person executing any affidavit of satisfaction to do so. (2005-123, s. 1; 2013-204, s. 2.6.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.19 - Liability of satisfaction agent.

§ 45-36.19. Liability of satisfaction agent.
(a) Except as otherwise provided in subsection (b) of this section, a satisfaction agent or any person purporting to be a satisfaction agent that records or submits for recording an affidavit of satisfaction of a security instrument erroneously or with knowledge that the statements contained in the affidavit are false is liable to the secured creditor for any actual damages caused by the recording and reasonable attorneys' fees and costs.
(b) A satisfaction agent that records or submits for recording an affidavit of satisfaction of a security instrument erroneously is not liable if the agent properly complied with this Article, gave notification to the secured creditor in the manner prescribed by G.S. 45-36.14, and the secured creditor did not respond in a timely manner to the notification pursuant to G.S. 45-36.14(a)(5).
(c) If a satisfaction agent or any person purporting to be a satisfaction agent records or submits for recording an affidavit of satisfaction of a security instrument with knowledge that the statements contained in the affidavit are false, this section does not preclude any of the following:
(1) A court from awarding punitive damages on account of the conduct.
(2) The secured creditor from proceeding against the satisfaction agent or person purporting to be a satisfaction agent under law of this State other than this Article.
(3) The enforcement of any criminal statute prohibiting the conduct. (2005-123, s. 1; 2013-204, s. 2.7.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.20 - Trustee's satisfaction of deed of trustcontent and effect.

§ 45-36.20. Trustee's satisfaction of deed of trust: content and effect.
(a) Upon recording, a trustee's satisfaction substantially complying with the requirements of this section constitutes a satisfaction of the deed of trust described in the trustee's satisfaction.
(b) The recording of a trustee's satisfaction does not by itself extinguish any liability of a person for payment or performance of the secured obligation.
(c) This section applies only if the security instrument is a deed of trust. This section is not exclusive. Deeds of trust may also be satisfied of record by methods other than the filing of a trustee's satisfaction.
(d) Document is a trustee's satisfaction of a deed of trust if it complies with all of the following:
(1) Identifies the original parties to the deed of trust, the recording data for the deed of trust, and the office in which the deed of trust is recorded.
(2) States that the person signing the trustee's satisfaction is then serving as trustee or substitute trustee under the terms of the deed of trust.
(3) Contains language terminating the effectiveness of the deed of trust.
(4) Is signed by the trustee or substitute trustee then serving under the terms of the deed of trust and acknowledged as required by law for a conveyance of an interest in real property.
(e) The register of deeds shall accept for recording a trustee's satisfaction of a deed of trust, unless:
(1) The trustee's satisfaction is submitted by a method or in a medium not authorized for registration by the register of deeds under applicable law; or
(2) The trustee's satisfaction is not signed by the trustee or substitute trustee and acknowledged as required by law for a conveyance of an interest in real property. The register of deeds shall not be required to verify or make inquiry concerning (i) the truth of the matters stated in any trustee's satisfaction, or (ii) the authority of the person executing any trustee's satisfaction to do so. (2005-123, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-36.21 - Trustee's satisfaction of deed of trustform.

§ 45-36.21. Trustee's satisfaction of deed of trust: form.
(a) Standard Form. - No particular phrasing is required for a trustee's satisfaction of a deed of trust. The following form, when properly completed, is sufficient to satisfy the requirements of G.S. 45-36.20:
"TRUSTEE'S SATISFACTION OF DEED OF TRUST
(G.S. 45-36.20; G.S. 45-37(a)(7))
The undersigned is now serving as the trustee or substitute trustee under the terms of the deed of trust identified as follows:
Original Grantor(s): (Identify original grantor(s) or trustor(s))
Original Secured Party(ies): (Identify the original beneficiary(ies) or secured party(ies) in the deed of trust)
Recording Data: The deed of trust is recorded in Book ____ at Page ____ or as document number ________ in the office of the Register of Deeds for __________ County, North Carolina.
This satisfaction terminates the effectiveness of the deed of trust.
Date: ______________ _________________________________
(Signature of trustee or substitute trustee)
[Acknowledgment before officer authorized to take acknowledgments]"
(b) Alternate Form. - A trustee and secured creditor who would like to indicate that the underlying obligation secured by the deed of trust has been extinguished may use the following form, which, when properly completed, is also sufficient to satisfy the requirements of G.S. 45-36.20:
"TRUSTEE'S SATISFACTION OF DEED OF TRUST
AND
CREDITOR'S RELEASE
(G.S. 45-36.20; G.S. 45-37(a)(7))
The undersigned is now serving as the trustee or substitute trustee under the terms of the deed of trust identified as follows:
Original Grantor(s): (Identify original grantor(s) or trustor(s))
Original Secured Party(ies): (Identify the original beneficiary(ies) or secured party(ies) in the deed of trust)
Recording Data: The deed of trust is recorded in Book ____ at Page ____ or as document number ________ in the office of the Register of Deeds for __________ County, North Carolina.
This satisfaction terminates the effectiveness of the deed of trust.
Date: ______________ _________________________________
(Signature of trustee or substitute trustee)
[Acknowledgment before officer authorized to take acknowledgments]
The obligation secured by the deed of trust has been extinguished.
Date: ______________ _________________________________
(Signature of secured creditor)
[Acknowledgment before officer authorized to take acknowledgments]".
(2005-123, s. 1; 2012-150, s. 2.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-37.1 - Validation of certain entries of cancellation made by beneficiary or assignee instead of trustee.

§ 45-37.1. Validation of certain entries of cancellation made by beneficiary or assignee instead of trustee.
In all cases where, prior to January 1, 1930, it appears from the margin or face of the record in the office of the register of deeds of any county in this State that the original beneficiary named in any deed of trust, trust indenture, or other instrument intended to secure the payment of money and constituting a lien on real estate, or his assignee of record, shall have made an entry purporting to fully satisfy and discharge the lien of such instrument, and such entry has been signed by the original payee and beneficiary in said deed of trust, or other security instrument, or by his assignee of record, or by his or their properly constituted officer, agent, attorney, or legal representatives, and has been duly witnessed by the register of deeds or his deputy, all such entries of cancellation and satisfaction are hereby validated and made full, sufficient and complete to release, satisfy and discharge the lien of such instrument, and shall have the same effect as if such entry had been made and signed by the trustee named in said deed of trust, or other security instrument, or by his duly appointed successor or substitute. (1945, c. 986.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-37.2 - Indexing satisfactions and other documents relating to security instruments.

§ 45-37.2. Indexing satisfactions and other documents relating to security instruments.
(a) The register of deeds shall record and index the following instruments in accordance with G.S. 161-14.1:
(1) A substitution of trustee.
(2) A document of rescission recorded pursuant to G.S. 45-36.6.
(3) A deed of release or reconveyance.
(4) A partial release recorded pursuant to G.S. 45-36.22.
(5) An obligation release recorded pursuant to G.S. 45-36.23.
(6) A satisfaction document, affidavit of satisfaction, or trustee's satisfaction recorded pursuant to G.S. 45-37(a)(7).
(7) A lien maturity extension agreement or notice of maturity date recorded pursuant to G.S. 45-36.24.
No fee shall be charged by the register of deeds for recording a satisfaction document, affidavit of satisfaction, or a trustee's satisfaction.
(b) G.S. 161-14.1 (1963, c. 1021, s. 1; 1967, c. 765, s. 6; 1987, c. 620, s. 2; 1991, c. 114, s. 2; 1993, c. 425, s. 3; 1995, c. 292, s. 6; 2005-123, s. 1; 2011-246, s. 5; 2011-312, s. 13.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-38 - Recording of foreclosure.

§ 45-38. Recording of foreclosure.
In case of foreclosure of any deed of trust, or mortgage, the trustee, mortgagee, or the trustee's or mortgagee's attorney shall record a notice of foreclosure that includes the date when, and the person to whom, a conveyance was made by reason of the foreclosure. In the event the entire obligation secured by a mortgage or deed of trust is satisfied by a sale of only a part of the property embraced within the terms of the mortgage or deed of trust, the trustee, mortgagee, or the trustee's or mortgagee's attorney shall indicate in the notice of foreclosure which property was sold.
A notice of foreclosure shall consist of a separate instrument, or that part of the original deed of trust or mortgage rerecorded, reciting the information required hereinabove, the names of the original parties to the original instrument foreclosed, and the recording data for the instrument foreclosed. A notice of foreclosure shall be indexed by the register of deeds in accordance with G.S. 161-14.1. (1923, c. 192, s. 2; C.S., s. 2594(a); 1949, c. 720, s. 2; 1963, c. 1021, s. 2; 1971, c. 985; 1991, c. 114, s. 3; 1993, c. 305, s. 24; 2005-123, s. 1; 2006-226, s. 13.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-41 - Recorded deed of release of mortgagee's representative.

§ 45-41. Recorded deed of release of mortgagee's representative.
The personal representative of any mortgagee or trustee in any mortgage or deed of trust which has heretofore or which may hereafter be registered in the manner required by the laws of this State may satisfy of record, discharge and release the same and all property thereby conveyed by deed of quitclaim, release or conveyance executed, acknowledged and recorded as is now prescribed by law for the execution, acknowledgment and registration of deeds and mortgages in this State. (1909, c. 283, s. 1; C.S., s. 2596; 2005-123, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-42 - Satisfaction of corporate mortgages by corporate officers.

§ 45-42. Satisfaction of corporate mortgages by corporate officers.
All security instruments executed to a corporation may be satisfied and so marked of record as by law provided for the satisfaction of security instruments, by any officer of the corporation indicating the office held. For the purposes of recordation and satisfaction, such signature shall be deemed to be a certification by the signer that he is an officer and is authorized to execute the satisfaction on behalf of such corporation. Where security instruments were marked "satisfied" on the records before the twenty-third day of February, 1909, by any president, secretary, treasurer or cashier of any corporation by such officer writing his own name and affixing thereto the title of his office in such corporation, such satisfaction is validated, and is as effective to all intents and purposes as if a deed of release duly executed by such corporation had been made, acknowledged and recorded. (1909, c. 283, ss. 2, 3; C.S., s. 2597; 1935, c. 271; 1963, c. 193; 1991, c. 647, s. 6; 2005-123, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 45-42.1 - Corporate cancellation of lost mortgages by register of deeds.

§ 45-42.1. Corporate cancellation of lost mortgages by register of deeds.
Upon affidavit of the secretary and treasurer of a corporation showing that the records of such corporation show that such corporation has fully paid and satisfied all of the notes secured by a security instrument executed by such corporation and such payment and satisfaction was made more than 25 years ago, and that such security instrument was made to a corporation which ceased to exist more than 25 years ago, and such affidavit shall further state that the records of such corporation show that no payments have been made on such secured obligation by the corporation executing such security instrument for 25 years, the register of deeds of the county in which such security instrument is recorded is authorized to record the affidavit. The register of deeds shall index the affidavit according to G.S. 161-22 using the names of parties stated in the affidavit and shall make reference to the recording data of the original security instrument as stated in the affidavit opposite the name of each party so indexed. Upon recording such affidavit, the said security instrument shall be deemed to be cancelled and satisfied of record: Provided, that this section shall not apply to any mortgagor corporation except those in which the State of North Carolina owns more than a majority of the capital stock and shall not apply to any security instrument in which the principal amount secured thereby exceeds the sum of fifteen thousand dollars ($15,000): Provided, such cancellation shall not bar any action to foreclose such security instrument instituted within 90 days after the same is cancelled. (1945, c. 1090; 1991, c. 114, s. 7; 2005-123, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 4 - Satisfaction. › § 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 that is filed in the office of the register of deeds in the county in which the real property is located, and any other document or instrument that assigns, or creates a lien on, an interest in the real property.
(2) Real property. - The real property described in and encumbered by the lien of a security instrument.
(b) Except as provided in subsection (c) of this section, (i) the expiration of the lien of a security instrument pursuant to G.S. 45-36.24 or the satisfaction of a security instrument of record pursuant to G.S. 45-37 shall be deemed automatically to release the real property from the operation of all ancillary security instruments that secure the same obligation or obligations secured by the security instrument and (ii) the recording of a partial release pursuant to G.S. 45-36.22 or the recording of a deed of release shall be deemed automatically to release the real property described in the partial release or deed of release from the operation of all ancillary security instruments that secure the same obligation or obligations secured by the security instrument.
(c) Subsection (b) of this section shall not apply to an ancillary security instrument if (i) the ancillary security instrument secures obligations other than, or in addition to, the obligation or obligations secured by the security instrument; (ii) the security instrument, the ancillary security instrument, or the document recorded in the office of the register of deeds to satisfy the security instrument of record expressly states that the satisfaction of the security instrument of record shall not release the real property from the operation of that particular ancillary security instrument or from ancillary security instruments in general; or (iii) the security instrument, the ancillary security instrument, the partial release, or the deed of release expressly states that the partial release or deed of release shall not release real property from the operation of that particular ancillary security instrument or ancillary security instruments in general. (2011-312, s. 14.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 5 - Miscellaneous Provisions. › § 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, collect and receive such commission or fee as may be agreed upon for making or negotiation of any such loan, not exceeding, however, an amount equal to one and one-half percent (1 1/2%) of the principal amount of the loan for each year over which the repayment of the said loan is extended: Provided, however, the repayment of such loan shall be in annual installments extending over a period of not less than three nor more than 15 years, and that no annual installment, other than the last, shall exceed thirty-three and one-third percent (33 1/3%) of the principal amount of loans which are payable in installments extending over a period of as much as three years and less than four years, twenty-five percent (25%) of the principal amount of loans which are payable in installments extending over a period of not less than four years nor more than five years, and fifteen percent (15%) of the principal amount of loans which are payable in installments extending over a period of more than five years and not more than 15 years. This section shall only apply to the counties of Ashe, Buncombe, Caldwell, Forsyth, Gaston, Henderson, McDowell, Madison, Rutherford, Watauga, and Yancey. (Ex. Sess. 1924, c. 35; 1925, cc. 28, 209; Pub. Loc. 1925, c. 592, modified by 1927, c. 5; Pub. Loc. 1927, c. 187.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 5 - Miscellaneous Provisions. › § 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 the property despite the existence of prior mortgages or other liens on the same property in all cases where sufficient funds for the discharge of such prior mortgages or other liens shall have been deposited with such lending institution in trust solely for such purpose. Such funds may be deposited either in cash or in obligations of the State of North Carolina or of the United States maturing in sufficient amount on or before the date or dates that the indebtedness secured by such prior mortgages or other liens is to be paid. (1957, c. 1350.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 5 - Miscellaneous Provisions. › § 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. (1959, c. 879, s. 13.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 5 - Miscellaneous Provisions. › § 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 or deed of trust is sold and the grantee assumes and agrees to pay such mortgage or deed of trust, and thereafter the mortgagee or secured creditor under the deed of trust gives the grantee a legally binding extension of time, or releases the grantee from liability on the obligation, the mortgagor or grantor of the deed of trust is released from any further liability on the obligation.
(2) Whenever real property which is encumbered by a mortgage or deed of trust is sold and the grantee assumes and agrees to pay such mortgage or deed of trust, and thereafter the mortgagee or secured creditor under the deed of trust or trustee acting in his behalf releases any of the real property included in the mortgage or deed of trust, the mortgagor or grantor of the deed of trust is released to the extent of the value of the property released, which shall be the value at the time of the release or at the time an action is commenced on the obligation secured by the mortgage or deed of trust, whichever value is the greater.
(3) Whenever real property which is encumbered by a mortgage or deed of trust is sold expressly subject to the mortgage or deed of trust, but the grantee does not assume the same, and thereafter the mortgagee or secured creditor under the deed of trust makes a binding extension of time of the mortgage or deed of trust, the mortgagor or grantor of the deed of trust is released to the extent of the value of the property at the time of the extension agreement.
(4) Whenever real property which is encumbered by a mortgage or deed of trust is sold expressly subject to the mortgage or deed of trust, but the grantee does not assume the same, and thereafter the mortgagee or secured creditor under the deed of trust, or trustee acting in his behalf, releases any of the real property included in the mortgage or deed of trust, the mortgagor or grantor of the deed of trust is released to the extent of the value of the property released, which shall be the value at the time of the release or at the time an action is commenced on the obligation secured by the mortgage or deed of trust, whichever value is the greater. (1961, c. 356.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 5 - Miscellaneous Provisions. › § 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 the holder of the security interest being foreclosed or subject to being foreclosed. (1987, c. 685.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 7 - Instruments to Secure Future Advances and Future Obligations. › § 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 to a person, firm, or corporation specifically named in such instrument for the payment of money. (1969, c. 736, s. 1; 1989, c. 496, s. 1; 2009-197, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 7 - Instruments to Secure Future Advances and Future 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 registration of the security instrument.
(1b) Future advances and future obligations that are specifically or generally identified, described, or referenced in the security instrument as being secured thereby that may from time to time be made or incurred, but only if the security instrument shows all of the following:
a. That the security instrument is given wholly or partly to secure future advances and/or future obligations.
b. The maximum principal amount that may be secured by the security instrument at any one time.
c. The period within which future advances may be made and future obligations may be incurred, which period shall not extend more than 30 years beyond the date of the security instrument or, if the security agreement is not dated, the date the security instrument is registered.
(2), (3) Repealed by Session Laws 2009-197, s. 2, effective October 1, 2009. (1969, c. 736, s. 1; 1985, c. 457; 1989, c. 496, s. 2; 2009-197, s. 2; 2011-312, s. 16.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 7 - Instruments to Secure Future Advances and Future Obligations. › § 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 may be incurred from time to time within the time limit fixed by the security instrument. Such further advances and obligations, together with interest thereon, shall be secured to the same extent as original advances and obligations under the security instrument, if the provisions of G.S. 45-68 are complied with. (1969, c. 736, s. 1; 2009-197, s. 3; 2011-312, s. 17.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 7 - Instruments to Secure Future Advances and Future Obligations. › § 45-71 - Satisfaction of the security instrument.

§ 45-71. Satisfaction of the security instrument.
Upon payment of all the obligations secured by a security instrument which conforms to the requirements of this Article and upon termination of all obligation to make advances, and upon written demand made by the maker of the security instrument, his successor in interest, or anyone claiming under him, the holder of the security instrument is hereby authorized to and shall make a written entry upon the security instrument showing payment and satisfaction of the instrument, which entry he shall date and sign. When the security instrument secures notes, bonds, or other undertakings for the payment of money which have not already been entered on the security instrument as paid, the holder of the security instrument, unless payment was made to him, may require the exhibition of all such evidences of indebtedness secured by the instrument marked paid before making his entry showing payment and satisfaction. (1969, c. 736, s. 1.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 7 - Instruments to Secure Future Advances and Future Obligations. › § 45-72 - Termination of future optional advances.

§ 45-72. Termination of future optional advances.
(a) The holder of a security instrument conforming to the provisions of this Article shall, at the request of the maker of the security instrument or his successor in title promptly furnish to him a statement duly executed and acknowledged in such form as to meet the requirements for the execution and acknowledgment of deeds, setting forth in substance the following:
"This is to certify that the total outstanding balance of all obligations, the payment of which is secured by that certain instrument executed by____________, dated__________, recorded in book _________ at page ____ in the office of the Register of Deeds of ______ County, North Carolina, is $________, of which amount $________ represents principal.
No future advances will be made under the aforesaid instrument, except such expense as it may become necessary to advance to preserve the security now held.
This day of , 19 .
(Signature and Acknowledgment)"
(b) Such statement, when duly executed and acknowledged, shall be entitled to probate and registration, and upon filing for registration shall be effective from the date of the statement. It shall have the effect of limiting the lien or encumbrance of the holder of the security instrument to the amount therein stated, plus any necessary advances made to preserve the security, and interest on the unpaid principal. It shall bar any further advances under the security instrument therein referred to except such as may be necessary to preserve the security then held as provided in G.S. 45-70(c). (1969, c. 736, s. 1; 1989, c. 496, s. 4; 1999-456, s. 59.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 7 - Instruments to Secure Future Advances and Future Obligations. › § 45-73 - Cancellation of record; presentation of notes described in security instrument sufficient.

§ 45-73. Cancellation of record; presentation of notes described in security instrument sufficient.
The provisions of G.S. 45-37 apply to discharge of record of instruments executed under this Article. (1969, c. 736, s. 1; 2011-246, s. 6.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 7 - Instruments to Secure Future Advances and Future Obligations. › § 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.)
2023 North Carolina General Statutes › Chapter 45 - Mortgages and Deeds of Trust › Article 8 - Instruments to Secure Certain Home Loans. › § 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 interest secured by said deed of trust or mortgage notwithstanding that the loan may be renewed or extended one or more times and notwithstanding that the interest rate may be increased or decreased from time to time. Interest which accrues pursuant to changes in the interest rate made pursuant to a method agreed to as provided in subsection (b) below (whenever such changes are made) shall be secured and have priority from the registration of the deed of trust or mortgage and not from the time changes are made.
(b) With respect to a loan referred to in subsection (a) above:
(1) The parties must provide in a written instrument agreed to by the borrower at or before registration of the deed of trust or mortgage that the loan may be renewed or extended in accordance with stated terms and that the interest rate may be increased or decreased according to a stated method; and
(2) The loan must be a loan described in G.S. 24-1.1A(a)(1) or (2).
(c) The provisions of this section shall not be deemed exclusive and no deed of trust or mortgage or other security instrument which is otherwise valid shall be invalidated by failure to comply with the provisions of this section. (1979, 2nd Sess., c. 1182.)