§ 45-69. Fluctuation of obligations within maximum amount. - North Carolina Statutes

§ 45‑69.  Fluctuation ofobligations within maximum amount.

Unless the security instrumentprovides to the contrary, if the maximum amount secured by the securityinstrument has not been advanced or if any obligation secured thereby is paidor is reduced by partial payment, further advances may be made and additional obligations secured by the security instrument may be incurred from time totime within the time limit fixed by the security instrument. Such furtheradvances and obligations shall be secured to the same extent as originaladvances and obligations under the security instrument, if the provisions ofG.S. 45‑68 are complied with. However, if at any time the aggregateoutstanding principal balance of the obligation or obligations secured by thesecurity instrument exceeds the maximum principal amount that may be secured bythe security instrument at any one time, then the excess shall not be securedby the security instrument.  (1969, c. 736, s. 1; 2009‑197, s. 3.)