§ 45-82. Priority of security instrument. - North Carolina Statutes

§45‑82.  Priority of security instrument.

A mortgage or deed of trustwhich shows on its face that it secures an equity line of credit governed bythe provisions of this Article, shall, from the time of its registration, havethe same priority to the extent of all advances secured by it as if theadvances had been made at the time of the execution of the mortgage or deed oftrust, notwithstanding the fact that from time to time during the term of theloan no balance is outstanding. Payments made by the lender for insurance,taxes, and assessments and other payments made by the lender pursuant to thedeed of trust shall have the same priority as if made at the time of theexecution of the mortgage or deed of trust, notwithstanding the maximumprincipal amount set forth in the mortgage or deed of trust. (1985,c. 207, s. 2.)