45-69. Fluctuation of obligations within maximum amount.
Unless the security instrument provides to the contrary, if the maximum amount secured by the security instrument has not been advanced or if any obligation secured thereby is paid or is reduced by partial payment, further advances may be made and additional obligations secured by the security instrument may be incurred from time to time within the time limit fixed by the security instrument. Such further advances and obligations, together with interest thereon, shall be secured to the same extent as original advances and obligations under the security instrument, if the provisions of G.S. 45-68 are complied with. (1969, c. 736, s. 1; 2009-197, s. 3; 2011-312, s. 17.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 45 - Mortgages and Deeds of Trust
Article 7 - Instruments to Secure Future Advances and Future Obligations.
§ 45-69 - Fluctuation of obligations within maximum amount.
§ 45-70 - Priority of security instrument.
§ 45-71 - Satisfaction of the security instrument.
§ 45-72 - Termination of future optional advances.
§ 45-73 - Cancellation of record; presentation of notes described in security instrument sufficient.