45-21.9A. Simultaneous foreclosure of two or more instruments.
When two or more mortgages or deeds of trust held by the same person are secured in whole or in part by the same property, and there are no intervening liens, except for ad valorem taxes, between such mortgages or deeds of trust, the obligations secured by such mortgages or deeds of trust may be combined and the property sold once to satisfy the combined obligations if (i) powers of sale are provided in all such instruments; (ii) there is no provision in any such instrument which would not permit such a procedure; (iii) all the terms of all such instruments requiring compliance by the lender in connection with foreclosure sales are complied with; and (iv) all requirements of this Chapter governing power of sale foreclosures are met with respect to all such instruments. The proceeds of any sale shall be applied as provided in this Chapter. As between the combined obligations being foreclosed, proceeds shall be applied in the order of priority of the instruments securing them, and any deficiencies shall be determined accordingly. (1985, c. 515, s. 1; 1993, c. 305, s. 5.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 45 - Mortgages and Deeds of Trust
Article 2A - Sales Under Power of Sale.
§ 45-21.1 - Definitions; construction.
§ 45-21.2 - Article not applicable to foreclosure by court action.
§ 45-21.4 - Place of sale of real property.
§ 45-21.7 - Sale of separate tracts in different counties.
§ 45-21.8 - Sale as a whole or in parts.
§ 45-21.9 - Amount to be sold when property sold in parts; sale of remainder if necessary.
§ 45-21.9A - Simultaneous foreclosure of two or more instruments.
§ 45-21.10 - Requirement of cash deposit at sale.
§ 45-21.11 - Application of statute of limitations to serial notes.
§ 45-21.12 - Power of sale barred when foreclosure barred.
§ 45-21.12A - Power of sale barred during periods of military service.
§ 45-21.14 - Clerk's authority to compel report or accounting; contempt proceeding.
§ 45-21.16 - Notice and hearing.
§ 45-21.16A - Contents of notice of sale.
§ 45-21.16C - Opportunity for parties to resolve foreclosure of owner-occupied residential property.
§ 45-21.17 - Posting and publishing notice of sale of real property.
§ 45-21.17A - Requests for copies of notice.
§ 45-21.20 - Satisfaction of debt after publishing or posting notice, but before completion of sale.
§ 45-21.21 - Postponement of sale; notice of cancellation.
§ 45-21.24 - Continuance of uncompleted sale.
§ 45-21.26 - Preliminary report of sale of real property.
§ 45-21.27 - Upset bid on real property; compliance bonds.
§ 45-21.29 - Orders for possession.
§ 45-21.29A - No necessity for confirmation of sale.
§ 45-21.30 - Failure of bidder to make cash deposit or to comply with bid; resale.
§ 45-21.31 - Disposition of proceeds of sale; payment of surplus to clerk.
§ 45-21.32 - Special proceeding to determine ownership of surplus.