§ 45-11. Appointment of substitute trustee upon application of subsequent or prior lienholders; effect of substitution. - North Carolina Statutes

§45‑11.  Appointment of substitute trustee upon application of subsequentor prior lienholders; effect of substitution.

When any person, firm,corporation, county, city or town holding a lien on real property upon whichthere is a subsequent or prior lien created by a mortgage, deed of trust orother instrument, the mortgagee or trustee therein named being dead or havingotherwise  become incompetent to act, files a written application with theclerk  of the superior court of the county in which said property is located,setting forth the facts showing that said mortgagee or trustee is then dead orhas become incompetent to act, the said clerk of the superior  court, upon aproper finding of fact that said mortgagee or trustee is dead or has becomeincompetent to act, shall enter an order appointing some suitable and competentperson, firm or corporation as substitute trustee upon whom service of processmay be made, and said substitute trustee shall thereupon be vested with fullpower and authority to defend any action instituted to foreclose said propertyas fully as if he had been the original mortgagee or trustee named; but thesubstitute trustee shall have no power to cancel said mortgage or deed of trustwithout the joinder of the holder of the notes secured thereby. Saidapplication shall not be made prior to the expiration of 30 days from the datethe original mortgagee or trustee becomes incompetent to act. (1941,c. 115, s. 1; 1967, c. 562, s. 2.)