A security instrument, otherwise valid, shall secure the following so as to give priority as provided in G.S. 45-70:
(1) Recodified as subdivision (1b).
(1a) Existing obligations that are specifically or generally identified, described, or referenced in the security instrument as being secured thereby, and all advances made at or prior to the registration of the security instrument.
(1b) Future advances and future obligations that are specifically or generally identified, described, or referenced in the security instrument as being secured thereby that may from time to time be made or incurred, but only if the security instrument shows all of the following:
a. That the security instrument is given wholly or partly to secure future advances and/or future obligations.
b. The maximum principal amount that may be secured by the security instrument at any one time.
c. The period within which future advances may be made and future obligations may be incurred, which period shall not extend more than 30 years beyond the date of the security instrument or, if the security agreement is not dated, the date the security instrument is registered.
(2), (3) Repealed by Session Laws 2009-197, s. 2, effective October 1, 2009. (1969, c. 736, s. 1; 1985, c. 457; 1989, c. 496, s. 2; 2009-197, s. 2; 2011-312, s. 16.)
Notes of Decisions
In Re the Foreclosure of a Deed of Trust From Hall, 708 S.E.2d 174 (N.C. Ct. App. 2011).
· cites it 4× “The future advances clause in the Deed of Trust is consistent with the provisions of N.C. Gen. Stat. § 45-68 (1) (2007) (“mended 2009) in effect at the time the Deed of Trust was executed, which instructs that a security instrument, including a deed of trust, shall secure future…”
Perry v. Carolina Builders Corp., 493 S.E.2d 814 (N.C. Ct. App. 1997).
· cites it 6× “G.S. § 45-68 comprises the “requirements” section of Article 7 and provides, inter alia, as follows: A security instrument, otherwise valid, shall secure future obligations which may from time to time be incurred thereunder so as to give priority thereto as provided in G.”
In re Mills, 39 B.R. 564 (E.D.N.C. 1984).
· cites it 7× “§ 45-68 and, therefore, is not secured by the above-referenced deeds of trust.”
Richardson Corp. v. Barclays Am./Mortg. Corp., 432 S.E.2d 409 (N.C. Ct. App. 1993).
· cites it 12× “§ 45-70 states: (a) Any security instrument which conforms to the requirements of this Article [see N.C.G.S. § 45-68 (1991)] and which on its face shows that the making of future advances is obligatory, shall, from the time and date of registration thereof, have the same…”
Yates Constr. Co. v. Greenleaf Corp., 393 S.E.2d 563 (N.C. Ct. App. 1990).
· cites it 12× “First, it contends that G.S. § 45-68 (as amended, effective 24 June 1985) requires that when an obligor and an obligee agree to require any written notation regarding future advances, each future advance must be accompanied by a written instrument or notation which states that…”
McNeary's Arborists, Inc. v. Carley Capital Grp., 406 S.E.2d 644 (N.C. Ct. App. 1991).
· cites it 2× “Thus, under the provisions of G.S. 45-68 the only obligations incurred by Carley that related back to the recording date of the deed of trust were those incurred through 3 March 1988, and the obligations incurred after that date did not have seniority over plaintiff’s…”
Burns v. First Bank (In Re Se. Materials, Inc.), 452 B.R. 170 (Bankr. M.D.N.C. 2011).
· cites it 2× “The Complaint alleges that the December 1997 deed of trust does not meet the requirements of a future advance deed of trust under N.C. Gen.Stat. § 45-68. It alleges that payments were misapplied to purported future advances when they should have been applied to pay down the…”
— N.C. Gen. Stat. § 45-68(1) — 3 cases
In re Mills, 39 B.R. 564 (E.D.N.C. 1984).
“§ 45-68 and, therefore, is not secured by the above-referenced deeds of trust.”
McNeary's Arborists, Inc. v. Carley Capital Grp., 406 S.E.2d 644 (N.C. Ct. App. 1991).
“Thus, under the provisions of G.S. 45-68 the only obligations incurred by Carley that related back to the recording date of the deed of trust were those incurred through 3 March 1988, and the obligations incurred after that date did not have seniority over plaintiff’s…”
Richardson Corp. v. Barclays Am./Mortg. Corp., 432 S.E.2d 409 (N.C. Ct. App. 1993).
“§ 45-70 states: (a) Any security instrument which conforms to the requirements of this Article [see N.C.G.S. § 45-68 (1991)] and which on its face shows that the making of future advances is obligatory, shall, from the time and date of registration thereof, have the same…”
— N.C. Gen. Stat. § 45-68(2) — 1 case
In re Mills, 39 B.R. 564 (E.D.N.C. 1984).
“§ 45-68 and, therefore, is not secured by the above-referenced deeds of trust.”
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