§ 54-66. Collaterals deposited with State Treasurer. - North Carolina Statutes

§54‑66.  Collaterals deposited with State Treasurer.

All mortgages pledged tosecure the payment of the bonds issued hereunder shall be deposited and leftwith the State Treasurer. The land mortgage association may, with the approvalof the State Treasurer, remove such mortgages from the custody of the StateTreasurer, substituting in place thereof other of its mortgages, or money orState of North Carolina bonds or certificates of deposit, endorsed in blank,issued by State or national banks located in North  Carolina, farm mortgagebonds issued under the provisions of the Federal Farm Loan Act approved July17, 1916, or obligations of the United States government, in an amount equal toor greater than the amount unpaid upon the notes secured by the mortgageswithdrawn. (1925, c. 223, s. 18.)