GENERAL ASSEMBLY OF NORTH CAROLINA
1991 SESSION

CHAPTER 255
SENATE BILL 639

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.
In the General Assembly read three times and ratified this the 11th day of June, 1991.

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James C. Gardner
President of the Senate

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Daniel Blue, Jr.
Speaker of the House of Representatives