2009 North Carolina Code
Chapter 45 - Mortgages and Deeds of Trust.
§ 45-69. Fluctuation of obligations within maximum amount.
§ 45‑69. Fluctuation of obligations within maximum amount.
Unless the security instrument provides to the contrary, if the maximum amount secured by the security instrument has not been advanced or if any obligation secured thereby is paid or is reduced by partial payment, further advances may be made and additional obligations secured by the security instrument may be incurred from time to time within the time limit fixed by the security instrument. Such further advances and obligations shall be secured to the same extent as original advances and obligations under the security instrument, if the provisions of G.S. 45‑68 are complied with. However, if at any time the aggregate outstanding principal balance of the obligation or obligations secured by the security instrument exceeds the maximum principal amount that may be secured by the security instrument at any one time, then the excess shall not be secured by the security instrument. (1969, c. 736, s. 1; 2009‑197, s. 3.)
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