North Carolina § 58-3-45 - Insurance as security for a loan by the company.
Full text of North Carolina North Carolina General Statutes § 58-3-45 — Insurance as security for a loan by the company., with citation guidance and answers to common questions.
§ 58-3-45. Insurance as security for a loan by the company.
Where an insurance company, as a condition for a loan by such company, of money upon mortgage or other security, requires that the borrower insure either his life or that of another, or his property, or the title to his property, with the company, and assign or cause to be assigned to it a policy of insurance as security for the loan, and agree to pay premiums thereon during the continuance of the loan, whether the premium is paid annually, semiannually, quarterly, or monthly, such premiums shall not be considered as interest on such loans, nor will any loan be rendered usurious by reason of any such requirements, where the rate of interest charged for the loan does not exceed the legal rate and where the premiums charged for the insurance do not exceed the premiums charged to other persons for similar policies who do not obtain loans. History (1915, c. 8; 1917, c. 61; C.S., s. 6291.) Legal Periodicals. - For comment on usury law in North Carolina, see 47 N.C.L. Rev. 761 (1969).
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 58-3-45
What does North Carolina General Statutes § 58-3-45 cover?
Section 58-3-45 ("Insurance as security for a loan by the company.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 58-3-45?
A common citation format is "North Carolina General Statutes § 58-3-45" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 58-3-45 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.