§ 45-68. Requirements. - North Carolina Statutes

§ 45‑68.  Requirements.

A security instrument,otherwise valid, shall secure the following so as to give priority as providedin G.S. 45‑70:

(1)        Recodified assubdivision (1b).

(1a)      Existing obligationsidentified in the security instrument and all advances made at or prior to theregistration of the security instrument.

(1b)      Future advances andfuture obligations that may from time to time be made or incurred under thesecurity instrument, but only if the security instrument shows all of thefollowing:

a.         That the securityinstrument is given wholly or partly to secure future advances and/or futureobligations that may be made or incurred under the security instrument.

b.         The maximumprincipal amount that may be secured by the security instrument at any onetime.

c.         The period withinwhich future advances may be made and future obligations may be incurred, whichperiod shall not extend more than 30 years beyond the date of the securityinstrument or, if the security agreement is not dated, the date the securityinstrument is registered.

(2), (3) Repealed by SessionLaws 2009‑197, s. 2, effective October 1, 2009.  (1969, c. 736, s. 1; 1985,c. 457; 1989, c. 496, s. 2; 2009‑197, s. 2.)