54-69. Bonds as payment.
If the association gives notice to a debtor for repayment of the mortgage loan the latter must pay to the association in cash or in its bonds at par the face of the same so far as it has not yet been covered by his assets in the amortization and payments. (1925, c. 223, s. 21.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 54 - Cooperative Organizations
Article 8 - Organization and Powers.
§ 54-45 - Application of term.
§ 54-46 - Incorporation and powers.
§ 54-48 - Reserve associations.
§ 54-49 - Land Conservation and Development Bureau; land mortgage associations.
§ 54-50 - Number of incorporators; capital stock.
§ 54-55 - Mortgage forms; approval.
§ 54-56 - Repayment of loan and interest.
§ 54-58 - Transfer of mortgaged lands.
§ 54-59 - Calling in loans before due.
§ 54-60 - Partial recall of debt.
§ 54-63 - Preference prohibited; association borrowing money.
§ 54-66 - Collaterals deposited with State Treasurer.
§ 54-67 - Redemption of bonds.
§ 54-68 - Validity of bonds after maturity.
§ 54-70 - Bonds as investments.
§ 54-71 - Application of earnings; reserve fund.