§ 58-74-1. Mortgage in lieu of required bond. - North Carolina Statutes

Article74.

Mortgage in Lieu of Bond.

§ 58‑74‑1. Mortgage in lieu of required bond.

An administrator, executor,guardian, collector or receiver, or an officer required to give an officialbond, or the agent or surety of such person or officer, may execute a mortgageon real estate, of the value of the bond required to be given by him to theState of North Carolina, conditioned to the same effect as the bond should be,were the same given, with a power of sale, which power of sale may be executedby the clerk of the superior court, with whom said mortgage shall be deposited,upon a breach of any of the conditions of said mortgage, after advertisementfor 30 days. (1874‑5, c. 103, s. 2; Code, s. 118; Rev., s.265; C.S., s. 346.)