§ 54-65. Deed of trust. - North Carolina Statutes

§54‑65.  Deed of trust.

(a)        To secure thepayment of such bonds, the land mortgage association shall issue a collateraldeed of trust to the State Treasurer, pledging as security for such bonds thenotes and mortgages taken or purchased, as provided herein, in an amount equalto or exceeding the aggregate amount of bonds issued or to be issued.

(b)        The total amount ofbonds actually outstanding shall not at any time exceed the total amount unpaidupon the notes secured by the mortgages belonging to the association andpledged for the payment of the bonds, plus such securities and moneys as may beon deposit with the State Treasurer under the provisions hereof.

(c)        The aggregateamount of the principal of all bonds issued by land mortgage associations andoutstanding at any one time shall not exceed 20 times the amount of the capitaland surplus of the company. (1925, c. 223, s. 17.)