North Carolina General Statutes 45-21.11. Application of statute of limitations to serial notes
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Terms Used In North Carolina General Statutes 45-21.11
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
When a series of notes maturing at different times is secured by a mortgage or deed of trust and the exercise of the power of sale for the satisfaction of one or more of the notes is barred by the statute of limitations, that fact does not bar the exercise of the power of sale for the satisfaction of indebtedness represented by other notes of the series not so barred. (1949, c. 720, s. 1; 1967, c. 562, s. 2.)