§ 45-67. Definitions. - North Carolina Statutes

Article 7.

Instruments to SecureFuture Advances and Future Obligations.

§ 45‑67.  Definitions.

The following definitionsapply in this Article:

(1)        Advance. – Adisbursement of funds or other action that increases the outstanding principalbalance owing on an obligation for the payment of money.

(2)        Security instrument.– A mortgage, deed of trust, or other instrument relating to real propertysecuring an obligation or obligations to a person, firm, or corporationspecifically named in such instrument for the payment of money.  (1969, c. 736, s. 1; 1989,c. 496, s. 1; 2009‑197, s. 1.)