Eight
RECOGNIZE THESE SUN-BATHERS?
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Fifty-five Intermediates and Young Adult Department members
and nine staff members spend six days at Fort Caswell on the North
Carolina coast beginning May 31. In addition to worship, musical
programs, and motion pictures, those attending enjoyed hours on
the beach, as pictured above. To the first person who brings the
Record a correct list of the name of the six people in the picture,
a year’s subscription to the Record will be presented.
THIS IS THE LAW
(Continued from Page 4)
to comply with the terms of the
mortgage, the lender has the right
to foreclose on the property. De
fault in meeting the terms of pay
ment is the main cause of foreclo
sure. However, the mortgagor may
have failed to perform other con
ditions oft the mortgage, such as
the payment of taxes on the prop
erty.
Most mortgages for the payment
of money in installments contain
what is known as an “acceleration
clause.” This clause provides that,
upon default in making any pay
ment under the mortgage, the
CLASSIFIED NOTICES
Special Notice
GOT SOMETHING TO SELL? The
easiest, best and cheapest way
is through a Zebulon Record
classified advertisement. If it’s
. groceries or goose eggs, diamonds
or dog food, the best way to find
who wants it is in this column.
CUSTOM MADE picture framing.
Free estimates. Flowers 5c to
$5.00 Store, telephone 3466,
Zebulon. tfc.
BISHOP SIGN SERVICE “We
Sign Anything Anywhere.” Box
214, Wendell, tfc
COMPLETE PLUMBING service,
installation and service at rea
sonable prices. Phone 3935. B. C.
Pearce, licensed plumber, Zebu
lon, N. C., Route 3. TFC
For Rent
ENJOY YOUR vacation at Cres
cent Beach, S. C., Apartment.
Sleeps ten. $45.00 per week. L.
E. Finch, Dillon, S. C. Phone
358 W. J29,Ju2p.
HOUSE. FOUR large rooms. Run
ning water and electricity. Con
tact L. E. Privette, Route 3, Zeb
ulon. Phone 2829. J25,29p.
ONE FOUR room house. If inter
ested see Mrs. W. O. Glover or
call 4006. tfc.
APARTMENT, THREE rooms,
bath and kitchenette. Mrs. J. L.
Stell. Phone 5041. J25,29,Ju2,6c.
FIVE ROOM house on Bunn Road.
Willard Hicks house. See Mrs.
G. C. Hicks. Telephone 5802.
J18,22,25,29c.
Auto Insurance
At a Saving
North Carolina Farm Bureau
Mutual Insurance Company
Garland Richardson
Representative
ZEBULON
mortgagee has an option to de
clare the full unpaid balance of
the indebtedness due, and to fore
close for the payment of this en
tire balance.
Foreclosure may be accomplish
ed in either of two principal ways;
(1) Through the filing of a law
suit; (2) Through the power of
sale set out in the mortgage it
self. The second of these two pro
cedures is the one usually employ
ed.
The requirements of foreclosure
under the terms of the mortgage
are carefully set out in our laws.
The foreclosure sale must be ad
vertised for at least 30 days by
posting a notice of sale at the
Lost
OPPORTUNITY TO SELL be
cause you failed to advertise in
the Zebulon Record classifieds.
Wanted
A PROGRESSIVE North Caroli
na insurance company desires a
representative to sell funeral
and ordinary life insurance in
Zebulon and vicinity. Good prop
osition for right man. Write
box 2062, Raleigh, North Caro
lina. Replies confidential.
J29,Ju2p.
For Sale
INTERNATIONAL HAY baler for
sale. Cheap. Hales Farm Supply
Co. J29,Ju2,6c.
CROSLEY 17” TV set. New, Sale
price SIOO.OO cash. Hales Farm
Supply Co. J29,Ju2,6c.
BECAUSE OF illness, will rent
or sell dry cleaning plant. J. L.
Stell. Phone 5041. J25,29,Ju2,6c.
SEVERAL HUNDRED BALES of
wheat and oat straw, loose or
bailed for immediate delivery,
and quantity. See me for prices.
Few bushels of soy beans avail
able. R. E. Pippin’s Farm, High
way 64 East, Phone 5511 or 6137.
J 22, 25, 29, Ju2C
TWO USED Hudson Tobacco Dus
ters, good as new. Half price. 1
Boyette Tobacco Sprayer, good
as new. Half price. Call Massey
Lumber Co. 4351 tfc.
MILO. T. C. Pippin. Phone 6123.
tfc.
TREATED FENCE posts for sale.
Beck Brothers Veneer Co., Inc.,
Zebulon, N. C. Phone 3011. Tfc.
SEAT COVERS, shock proof, burn
resistent, long wearing, Harry
Bissette. Phone 5112, Zebulon,
tfc.
The Zebulon Record
Closed July 5
Practically all Zebulon bus
iness establishments, exclu
sive of filling stations, will be
closed next Monday, July 5,
when the stores will take a day
off following July 4, which
falls on Sunday. All stores will
be open Saturday, July 3, and
Tuesday, July d. Businesses
closed next Monday will re
main open Wednesday after
noon, July 7.
courthouse and by newspaper ad
vertisement. The actual foreclo
sure sale is held at the courthouse
and is in the form of a public auc
tion, unless the court order or
notice of sale provides otherwise.
At the sale, the property is sold
to the highest bidder. The borrow
er can, of course, bid at the sale.
The sale does not become final
until ten days have elapsed, dur
ing which time the bid may be
raised. Upon the filing of a raise
of bid, the property must be re
advertised and resold at public
auction. This procedure may be
repeated as often as raises of bid
are filed on the property. At any
time prior to the final expiration
of time for raise of bid, the bor
rower can stop the foreclosure pro
ceedings by paying off the debt,
plus accrued costs.
Deficiency Judgments
What can the lender do if the
property fails to bring a price suf
ficient to pay off the indebtedness?
Subject to one important excep
tion noted below, the lender can
sue the borrower and obtain a
judgment requiring him to pay the
difference between the mortgage
debt and the amount realized
from the foreclosure sale. Such
a judgment is spoken of as a “de
ficiency judgment.”
Under North Carolina law a len
der cannot bring suit for a defi
ciency judgment where the mort
gage was originally given to secure
the payment of the balance due
upon the purchase price of real
estate. In other words, the lender
must rely solely upon the real es
tate to recover the balance due
upon a purchase money mortgage.
This rule of law was enacted dur
ing the depression of the 1930’5.
Traansfer of Mortgaged Property
Trasfering the Mortgage
Can the borrower on real es
tate transfer the property without
paying off the debt? Ordinarily,
the borrower can sell or otherwise
dispose of the property as he sees
fit, leaving the mortgage deb tun
affected. The new owner of the
property must, of course, keep up
the payments on the mortgage. The
holder of the note secured by the
mortgage must accept payments of
the debt from the new owner of
the property.
If the new owner of the mort
gaged real estate defaults in his
payments, can the original borrow
er still be forced to make these
payments? As a practical matter,
the question seldom arises. The
holder of the debt ordinarily de
pends only on the real estate for
payment. As a matter of law, he is
required first of all to foreclose
against the real estate. If the
mortgage, as shown on its face, was
originally a “purchase money
mortgage,” then, as noted above,
the land alone must stand for the
debt. The fact that the original
borrower has transferred his
interest to another does not alter
this fact. If the mortgage was not
originally a “purchase money
mortgage,” then, the borrower can
be required to make up any de
ficiency of the mortgage debt after
foreclosure. Any subsequent own
er of the real estate, who express
ly agreed to pay the debt, can like
wise be required to make up any
deficiency.
The usual method of disposing
of a mortgage debt is, of course, by
payment in full. At the time of
payment the mortgage or deed of
trust, and the accompanying notes,
should be marked “satisfied and
paid in full” by the holder of the
debt, and should be presented to
the Register of Deeds for cancel
lation. Failure to have the papers
promptly presented for cancella
tion may give rise to trouble later,
should the original papers be mis
placed.
WENDELL THEATRE
Your Friendly Theatre
Tuesday, June 29 Wed. Only—June 30-
biffelliott
Thursday-Friday, July 1-2—Shows at 7 and 9
“THEMfiis T °7° r! , H m r T !
EDMUND GWENN • IDAN WELDON Excitement, Mystery
DID YOU KNOW?
THAT the building now occupied by
Smitty's Case was the first home of
the Zebulon Drug Company, which mov
ed to Zebulon from Wakefield in 1907. .
ZEBULON DRUG COMPANY
*74e Same Se/utice Since. 1905
“10 minutes after my tobacco was sprayed with endrin it
rained heavier than it did all season. I walked out into the
field thinking all my poison was washed away, but instead
I found more dead worms than I even suspected were in the
field. Endrin saved my tobacco crop by killing the worms
when nothing else would do the job.”
Mr. Blount isn’t exaggerating ... try endrin yourself at
.25 lb. per acre and see! There’s never before been such a
potent control for hornworro and budworm on tobacco.
endrin
SHELL CHEMICAL CORPORATION \\//A
AGRICULTURAL CHEMICALS DIVISION \f/vr
710 PMchfrM Strict N.1., Atlanta 5, Georgia K.
Tuesday, June 29,1954
WHEAT
(Continued from Page 1)
those years, the farmer must ap
ply in writing to his country ASC
committee by June 30, 1954.
Blank application forms are
available at the county ASC office
for use in filing requests for al
lotments.
Join the National Guard.