NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 1165

HOUSE BILL 1555

 

 

AN ACT TO AMEND G.S. 24-1.2 RELATING TO THE DEFINITION OF "FIRST SECURITY INSTRUMENT".

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 24-1.2(b) as amended by Chapter 448 of the 1971 Session Laws is hereby further amended by deleting from the fourth sentence thereof the words "preceding sentence", and inserting in lieu thereof the word "subsection", and by deleting from the fourth sentence thereof the word "ten" and inserting in lieu thereof the word "one", so that the fourth sentence of G.S. 24-1.2(b) shall read as follows:

"Under the provisions of this subsection, a first security instrument is a first mortgage or first deed of trust on real property securing a loan payable in equal installments of principal and interest or equal installments of principal over a period of at least one year, such installments to have been paid at least annually."

Sec. 2.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 21st day of July, 1971.