§ 54-59. Calling in loans before due. - North Carolina Statutes

§54‑59.  Calling in loans before due.

Every land mortgageassociation shall have the power to call in loans upon 60 days' notice:

(1)        When the personacquiring the lands upon which money has been loaned does not comply with theprovisions of G.S. 54‑58 and fulfill the obligations incumbent upon him;

(2)        When the debtor doesnot meet the obligation imposed upon him by his contract and the bylaws of theland mortgage association;

(3)        When the mortgagedpremises become subject to forced sale;

(4)        When the mortgagedpremises are depreciating in value because of lack of care, of failure tomaintain and conserve or from other cause.

The trustees of theassociation, whenever necessary, shall provide for an inspection of themortgaged premises by the State Department of Agriculture and Consumer Servicesfor an investigation of the care which is being given said premises, and mayemploy an expert to inspect the soil with a view of determining whether or notthe same is being depleted. (1925, c. 223, s. 11; 1997‑261,s. 109.)