North Carolina General Statutes 40A-68. Acquisition of property subject to lien
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Notwithstanding the provisions of an agreement, if any, relating to a lien encumbering the property:
(1) If there is a partial taking, the lienholder may share in the amount of compensation awarded only to the extent determined by the commissioners or by the jury or by the judge to be necessary to prevent an impairment of his security, and the lien shall continue upon the part of the property not taken as security for the unpaid portion of the indebtedness until it is paid; and
(2) Neither the condemnor nor owner is liable to the lienholder for any penalty for prepayment of the debt secured by the lien, and the amount awarded by the judgment to the lienholder shall not include any penalty therefor. (1981, c.? 919, s. 1.)
Terms Used In North Carolina General Statutes 40A-68
- Condemnor: means those listed in N. See North Carolina General Statutes 40A-2
- Judge: means a resident judge of the superior court in the district where the cause is pending, or special judge residing in said district, or a judge of the superior court assigned to hold the courts of said district or an emergency? or special judge holding court in the county where the cause? is pending. See North Carolina General Statutes 40A-2
- Lien: A claim against real or personal property in satisfaction of a debt.
- Owner: includes the plural when appropriate and means any person having an interest or estate in the property. See North Carolina General Statutes 40A-2
- Property: means any right, title, or interest in land, including leases and options to buy or sell. See North Carolina General Statutes 40A-2