§ 45-44. Mortgages held by insurance companies, banks, building and loan associations, or other lending institutions. - North Carolina Statutes

§45‑44.  Mortgages held by insurance companies, banks, building and loanassociations, or other lending institutions.

A mortgage or deed of trustheld by an insurance company, bank, building and loan association, or otherlending institution shall be deemed, for the purposes of any regulatory statuteapplicable to such institutions, to be a first lien on the property despite theexistence of prior mortgages or other liens on the same property in all caseswhere sufficient funds for the discharge of such prior mortgages or other liensshall have been deposited with such lending institution in trust solely forsuch purpose. Such funds may be deposited either in cash or in obligations ofthe State of North Carolina or of the United States maturing in sufficientamount on or before the date or dates that the indebtedness secured by suchprior mortgages or other liens is to be paid. (1957, c. 1350.)