North Carolina General Statutes 54-59. Calling in loans before due
Every land mortgage association shall have the power to call in loans upon 60 days’ notice:
(1) When the person acquiring the lands upon which money has been loaned does not comply with the provisions of N.C. Gen. Stat. § 54-58 and fulfill the obligations incumbent upon him;
Terms Used In North Carolina General Statutes 54-59
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) When the debtor does not meet the obligation imposed upon him by his contract and the bylaws of the land mortgage association;
(3) When the mortgaged premises become subject to forced sale;
(4) When the mortgaged premises are depreciating in value because of lack of care, of failure to maintain and conserve or from other cause.
The trustees of the association, whenever necessary, shall provide for an inspection of the mortgaged premises by the State Department of Agriculture and Consumer Services for an investigation of the care which is being given said premises, and may employ an expert to inspect the soil with a view of determining whether or not the same is being depleted. (1925, c. 223, s. 11; 1997-261, s. 109.)