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2022 North Carolina General Statutes
Chapter 24 - Interest
Article 2 - Loans Secured by Secondary or Junior Mortgages.
§ 24-13 - Principal amount defined.
Universal Citation: NC Gen Stat § 24-13 (2022)
24-13. Principal amount defined.
The aggregate of the amount or value actually received at the time of the loan, plus the charges allowed by G.S. 24-14(b) (c) and (f); plus the sum of all existing indebtedness of the borrower paid on his behalf by the lender, shall be deemed the principal amount of the loan. (1971, c. 1229, s. 2; 1979, 2nd Sess., c. 1157, s. 4; 1985, c. 154, s. 3.)
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