North Carolina § 54-58 Transfer of mortgaged lands

North Carolina Statutes

§ 54-58 — Transfer of mortgaged lands

North Carolina § 54-58

Ch. 54Cooperative Organizations

Art. 8Organization and Powers

Subch. IILAND AND LOAN ASSOCIATIONS

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Bluebook

N.C. Gen. Stat. § 54-58 (2026).

Text

The acquirer of any lands mortgaged to a land mortgage association shall enter at once, on the acquisition of the land, into a written agreement with the association, attested by a notary, or a justice, and assume the personal responsibility for the indebtedness to the association attaching to such lands. This document must be presented to the trustees within 14 days after demand. (1925, c. 223, s. 10.)

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The acquirer of any lands mortgaged to a land mortgage association shall enter at once, on the acquisition of the land, into a written agreement with the association, attested by a notary, or a justice, and assume the personal responsibility for the indebtedness to the association attaching to such lands. This document must be presented to the trustees within 14 days after demand. (1925, c. 223, s. 10.)