§ 54-68. Validity of bonds after maturity. - North Carolina Statutes

§54‑68.  Validity of bonds after maturity.

In case the holder of any bondoutstanding shall not have presented the same for payment within the period oftwo years after its maturity or within two years after the date fixed for theredemption, as the case may be, then such bonds shall cease to be a lien uponthe mortgages, moneys, and securities pledged to the State Treasurer anddeposited with him as security therefor, but such bond shall still constitute,until the statute of limitation running against such bonds shall have expired,a single legal money claim or demand against the land mortgage associationissuing the same, and be recoverable from it in a suit at law, and in no eventshall any interest be collectible upon such bond after the maturity thereof orafter the date fixed for its redemption. (1925, c. 223, s. 20.)