North Carolina § 45-68 - Requirements.

§ 45-68. Requirements.

A security instrument, otherwise valid, shall secure the following so as to give priority as provided in G.S. 45-70: Recodified as subdivision (1b). Existing obligations that are specifically or generally identified, described, or referenced in the security instrument as being secured thereby, and all advances made at or prior to the registration of the security instrument. Future advances and future obligations that are specifically or generally identified, described, or referenced in the security instrument as being secured thereby that may from time to time be made or incurred, but only if the security instrument shows all of the following: That the security instrument is given wholly or partly to secure future advances and/or future obligations. The maximum principal amount that may be secured by the security instrument at any one time. The period within which future advances may be made and future obligations may be incurred, which period shall not extend more than 30 years beyond the date of the security instrument or, if the security agreement is not dated, the date the security instrument is registered. , (3) Repealed by Session Laws 2009-197, s. 2, effective October 1, 2009. History (1969, c. 736, s. 1; 1985, c. 457; 1989, c. 496, s. 2; 2009-197, s. 2; 2011-312, s. 16.) Editor's Note. - Session Laws 2009-197, which, in s. 2, rewrote the section, in s. 5, provides: "This act applies to all security instruments, whether registered before, after, or on the effective date of this act [October 1, 2009]. Any security instrument registered before the effective date of this act shall be conclusively presumed to comply with the provisions of G.S. 45-68, as enacted by this act, if the security instrument either (i) complies with the provisions of G.S. 45-68, as enacted by this act, or (ii) complied with the provisions of G.S. 45-68 in effect prior to the effective date of this act." Effect of Amendments. - Session Laws 2009-197, s. 2, effective October 1, 2009, rewrote this section. See Editor's note for applicability. Session Laws 2011-312, s. 16, effective October 1, 2011, in subdivision (1a), substituted "Existing obligations that are specifically or generally identified, described, or referenced in the security instrument as being secured thereby" for "Existing obligations identified in the security instrument"; in the introductory paragraph of subdivision (1b), inserted "are specifically or generally identified, described, or referenced in the security instrument as being secured thereby that" and deleted "under the security instrument" following "incurred"; and in sub-subdivision (1b)a., deleted "that may be made or incurred under the security instrument" from the end. Legal Periodicals. - For article, "Future Advances Lending in North Carolina," see 13 Wake Forest L. Rev. 297 (1977). For article, "Future Advances and Title Insurance Coverage," see 15 Wake Forest L. Rev. 329 (1979).