§ 45-21.12. Power of sale barred when foreclosure barred. - North Carolina Statutes

§45‑21.12.  Power of sale barred when foreclosure barred.

(a)        Except as providedin subsection (b), no person shall exercise any power of sale contained in anymortgage or deed of trust, or provided by statute, when an action to foreclosethe mortgage or deed of trust, is barred by the statute of limitations.

(b)        If a sale pursuantto a power of sale contained in a mortgage or deed of trust, or provided bystatute, is commenced within the time allowed by the statute of limitations toforeclose such mortgage or deed of trust, the sale may be completed althoughsuch completion is effected after the time when commencement of an action toforeclose would be barred by the statute. For the purpose of this section, asale is commenced when the notice of hearing or the notice of sale is firstfiled, given, served, posted, or published, whichever occurs first, as providedby this Article or by the terms of the instrument pursuant to which the powerof sale is being exercised. (1949, c. 720, s. 1; 1967, c.562, s. 2; 1969, c. 984, s. 1; 1977, c. 359, s. 1.)