§ 45-42.1. Corporate cancellation of lost mortgages by register of deeds.
§ 45‑42.1. Corporatecancellation of lost mortgages by register of deeds.
Upon affidavit of thesecretary and treasurer of a corporation showing that the records of suchcorporation show that such corporation has fully paid and satisfied all of thenotes secured by a security instrument executed by such corporation and suchpayment and satisfaction was made more than 25 years ago, and that suchsecurity instrument was made to a corporation which ceased to exist more than25 years ago, and such affidavit shall further state that the records of suchcorporation show that no payments have been made on such secured obligation bythe corporation executing such security instrument for 25 years, the registerof deeds of the county in which such security instrument is recorded isauthorized to record the affidavit. The register of deeds shall index theaffidavit according to G.S. 161‑22 using the names of parties stated inthe affidavit and shall make reference to the recording data of the originalsecurity instrument as stated in the affidavit opposite the name of each partyso indexed. Upon recording such affidavit, the said security instrument shallbe deemed to be cancelled and satisfied of record: Provided, that this sectionshall not apply to any mortgagor corporation except those in which the State ofNorth Carolina owns more than a majority of the capital stock and shall notapply to any security instrument in which the principal amount secured therebyexceeds the sum of fifteen thousand dollars ($15,000): Provided, suchcancellation shall not bar any action to foreclose such security instrumentinstituted within 90 days after the same is cancelled. (1945, c. 1090; 1991, c. 114,s. 7; 2005‑123, s. 1.)