§ 45-21.1. Definitions; construction. - North Carolina Statutes

Article2A.

Sales under Power ofSale.

Part 1. General Provisions.

§ 45‑21.1.  Definitions;construction.

(a)        The followingdefinitions apply in this Article:

(1)        "Resale"means a resale of real property or a resale of any leasehold interest createdby a lease of real property held pursuant to G.S. 45‑21.30.

(2)        "Sale"means a sale of real property or a sale of any leasehold interest created by alease of real property pursuant to (i) an express power of sale contained in amortgage, deed of trust, leasehold mortgage, or leasehold deed of trust or (ii)a "power of sale", under this Article, authorized by other statutoryprovisions.

(b)        The followingconstructions apply in this Article:

(1)        The terms"mortgage" or "deed of trust" include leasehold mortgagesor leasehold deeds of trust.

(2)        The terms"mortgagee" or "trustee" include any person or entityexercising a power of sale pursuant to this Article.

(3)        The terms "realproperty" or "property" include any leasehold interest createdby a lease of real property. (1949, c. 720, s. 1; 1967, c.562, s. 2; 1991, c. 255; 1993, c. 305, s. 1.)