GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

S	1 

SENATE BILL 639

Short Title:  Power of Sale Amendment.	(Public)
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Sponsors: Senator Johnson.
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Referred to:  Judiciary I.
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April 16, 1991

A BILL TO BE ENTITLED
AN ACT TO MAKE IT CLEAR THAT A POWER OF SALE INCLUDED IN A LEASEHOLD MORTGAGE OR LEASEHOLD DEED OF TRUST IS ENFORCEABLE.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 45-21.1 reads as rewritten:
"§ 45-21.1.  Definition.
As used in this Article, ‘sale' means a sale of real property or a sale of any leasehold interest created by a lease of real property pursuant to an express power of sale contained in a mortgage, deed of trust, leasehold mortgage, or leasehold deed of trust."
Sec. 2.  This act is effective upon ratification and applies to all recorded instruments containing a power of sale, whether recorded before or after the effective date of this act.