State Codes and Statutes
Statutes > North-carolina > Chapter_45 > GS_45-21_38§45‑21.38. Deficiency judgments abolished where mortgage represents partof purchase price.
In all sales of real propertyby mortgagees and/or trustees under powers of sale contained in any mortgage ordeed of trust executed after February 6, 1933, or where judgment or decree isgiven for the foreclosure of any mortgage executed after February 6, 1933, tosecure to the seller the payment of the balance of the purchase price of realproperty, the mortgagee or trustee or holder of the notes secured by such mortgageor deed of trust shall not be entitled to a deficiency judgment on account ofsuch mortgage, deed of trust or obligation secured by the same: Provided, saidevidence of indebtedness shows upon the face that it is for balance of purchasemoney for real estate: Provided, further, that when said note or notes areprepared under the direction and supervision of the seller or sellers, he, it,or they shall cause a provision to be inserted in said note disclosing that itis for purchase money of real estate; in default of which the seller or sellersshall be liable to purchaser for any loss which he might sustain by reason ofthe failure to insert said provisions as herein set out. (1933,c. 36; 1949, c. 720, s. 3; c. 856; 1961, c. 604; 1967, c. 562, s. 2.)
