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Code · North Carolina · Chapter 45 — Mortgages and Deeds of Trust

Article 7.

95 words·~1 min read·/nc/chapter-45/7

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Article 7.
Instruments to Secure Future Advances and Future Obligations.
§ 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.)
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