§ 45-21.47. Validation of foreclosure sales when trustee is officer of owner of debt. - North Carolina Statutes

§45‑21.47.  Validation of foreclosure sales when trustee is officer ofowner of debt.

All sales of real propertymade prior to January 1, 1991, under a power of sale contained in a mortgage ordeed of trust for which the trustee was an officer, director, attorney, agent,or employee of the owner of all or part of the debt secured by the mortgage ordeed of trust are validated and have the same effect as if the trustee had notbeen an officer, director, attorney, agent, or employee of the owner of the debtunless an action to set aside the foreclosure is commenced within one yearafter January 1, 1991. (1983, c. 582, s. 1; 1985, c. 604; 1987, c. 277, s.10; 1989, c. 390, s. 10; 1991, c. 489, s. 10.)