State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-507_4

§1‑507.4.  Foreclosure by receivers and trustees of corporate mortgageesor grantees.

Where real estate has beenconveyed by mortgage deed, or deed of trust to any corporation in this Stateauthorized to accept such conveyance for the purpose of securing the notes orbonds of the  grantor, and such corporation thereafter shall be placed in thehands  of a receiver or trustee in properly instituted court proceedings, thensuch receiver or trustee under and pursuant to the orders and the decrees ofthe said court or other court of competent jurisdiction may sell such realproperty pursuant to the orders and the decrees of the  said court or mayforeclose and sell such real property as provided in such mortgage deed, ordeed of trust, pursuant to the orders and decrees of such court.

All such sales shall be madeas directed by the court in the cause  in which said receiver is appointed orthe said trustee elected, and for the satisfaction and settlement of such notesand bonds secured by such mortgage deed or deed of trust or in such otheractions for the sales of the said real property as the said receiver or trusteemay institute and all pursuant to the orders and decrees of the court havingjurisdiction therein.

All sales of real propertymade prior to April 10, 1931 by such receiver or trustee of and pursuant to theorders of the courts of competent jurisdiction in such cases, are herebyvalidated. (1931, c.  265; 1955, c. 1371, s. 2.)