State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-34

§53‑34.  Validation of sales by Commissioner of Banks under mortgages,etc., giving banks power of sale.

Whenever it appears thateither the Commissioner of Banks or any liquidating agent appointed pursuant tothe provisions of G.S. 53‑20, has undertaken to exercise the power ofsale set up in any mortgage, deed of trust, or other written instrument for thesecurity of the payment of money in which any bank then in liquidation wasnamed trustee, the said acts including the acts of resigning the trust, of theCommissioner of Banks and/or liquidating agent appointed as aforesaid, arehereby validated and declared to be of the same force and effect as if done bythe bank named as trustee in the mortgage, deed of trust, or other instrument. (1931,c. 132.)