Definitions
Applied in 1 court decision — leading case 210 N.C. App. 409 - In Re the Foreclosure of a Deed of Trust From Hall (2011)
Most recently applied in 210 N.C. App. 409 - In Re the Foreclosure of a Deed of Trust From Hall (March 2011)
1969, c. 736, s. 1; 1989, c. 496, s. 1; 2009-197, s. 1.
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.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.