NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 66

SENATE BILL 153

 

 

AN ACT TO AMEND G.S. 45-10 REGARDING SUBSTITUTION OF TRUSTEES IN MORTGAGES AND DEEDS OF TRUST.

 

The General Assembly of North Carolina enacts:

 

Section 1.  The language in G.S. 45-10, as found in the 1974 Cumulative Supplement to Volume 2A of the General Statutes, is designated as subsection (a) and a new subsection is added to G.S. 45-10 to read as follows:

"(b)      Where a term or a condition of a mortgage, deed of trust or other instrument conveying real property, or creating a lien thereon, states that the trustee may be substituted for a reason other than one specified in G.S. 45-10(a)(1) and (2) then that substitution may be accomplished, in accordance with that term or condition, by the execution of a paper-writing."

Sec. 2.  This act shall become effective on July 1, 1975.

In the General Assembly read three times and ratified, this the 20th day of March, 1975.