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Terms Used In North Carolina General Statutes 54B-211

  • Association: includes a State association or a federal association unless limited by use of the words "State" or "federal. See North Carolina General Statutes 54B-4
  • Commission: means the State Banking Commission of the Department of Commerce. See North Carolina General Statutes 54B-4
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Liquidity fund: means that portion of the assets of an association which is required to be held in readily marketable form. See North Carolina General Statutes 54B-4
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

If the liquidity fund falls below the amount required by the Commission, the association shall make no new real property loans until the required level has been attained. The refinancing, recasting or renewal of loans previously made and loans made as a result of foreclosure sales under instruments held by the association shall not be considered as new loans, within the meaning of this section. (1981, c. 282, s. 3.)