North Carolina General Statutes 45-21.20. Satisfaction of debt after publishing or posting notice, but before completion of sale
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A power of sale is terminated if, prior to the time fixed for a sale, or prior to the expiration of the time for submitting any upset bid after a sale or resale has been held, payment is made or tendered of –
(1) The obligation secured by the mortgage or deed of trust, and
Terms Used In North Carolina General Statutes 45-21.20
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
(2) The expenses incurred with respect to the sale or proposed sale, which in the case of a deed of trust also include compensation for the trustee‘s services under the conditions set forth in N.C. Gen. Stat. § 45-21.15 (1949, c. 720, s. 1; 1967, c. 562, s. 2.)