State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_47 > GS_47-17_2

§47‑17.2.  Assignments of mortgages, deeds of trust, or other agreementspledging real property as security.

It shall not be necessary inorder to effect a valid assignment of a note and deed of trust, mortgage, orother agreement pledging real property or an interest in real property assecurity for an obligation, to record a written assignment in the office of theregister of deeds in the county in which the real property is located.  Atransfer of the promissory note or other instrument secured by the deed oftrust, mortgage, or other security interest that constitutes an effectiveassignment under the law of this State shall be an effective assignment of thedeed of trust, mortgage, or other security instrument.  The assignee of thenote shall have the right to enforce all obligations contained in thepromissory note or other agreement, and all the rights of the assignor in thedeed of trust, mortgage, or other security instrument, including the right tosubstitute the trustee named in any deed of trust, and to exercise any power ofsale contained in the instrument without restriction.  The provisions of thissection do not preclude the recordation of a written assignment of a deed oftrust, mortgage, or other security instrument, with or without the promissorynote or other instrument that it secures, provided that the assignment complieswith applicable law. (1993, c. 288, s. 4.)