§ 54-61. Foreclosure. - North Carolina Statutes

§54‑61.  Foreclosure.

Whenever any loan is called inand the borrower shall fail to pay the principal and interest due to theassociation as required by law and the notices given him, the land mortgageassociation may then foreclose upon the mortgaged premises as for a past‑dueloan. But in no case shall a borrower be liable for a sum greater than theamount of the unpaid portion of the loan with any accretions of interestthereon and expenses incidental to the collection thereof. (1925,c. 223, s. 13.)