jBNsfc' THE THUNDERBIRD, a new kind of car combining high performance with the com
tart; convenience and safety of a conventional model, has been added to the Ford line. The
Thunderbird has a powerful 160 h.p. Y-block V-8 engine and its low, graceful body is of all-steel
Construction. Equipped with a convertible cloth top which folds completely out of sight behind the
rear seat, the Thunderbird can be purchased with a special composition hardtop, making it a com
plete all-weather car. Its overall height is 51.5 inches—nearly a foot lower than the 1954 Ford sedan
pet it has only slightly, less road clearance. Most of its major parts are interchangeable with Ford’s
regular line of cars. The Thunderbird is scheduled for production by Ford Division next falL.1>r.v ^
THIS IS THE LAW
: Mortgages
The word “mortgages” has a def
inite meaning for almost everyone.
The law concerning mortgages is
continually growing in response to
changing uses made of this device.
This discussion will deal solely
with mortgages on real estate, al
though many of the principles dis
cussed apply equally to mortgages
oh personal property, or “chattel
Mortgages,” as they are known.
A mortgage has been defined as
any form of instrument whereby
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title to real estate is reserved or
conveyed as security for the pay
ment of a debt or the fulfillment
of other obligations. Thus, a mort
gage can be used as security for
the performance of the conditions
of a band or Other agreement. How
ever, the most frequent use .made
of the mortgage is to secure the
repayment of a loan of money
made to the borrower, or mortgag
or. His obligation to repay the
loan is'usually contained in a note
or notes, which are separate from
the mortgage. The mortgage itself
refers to the note or notes ex
ecuted by the borrower, and states
that the title to the property has
been conveyed to the lender or
mortgagee, who may, under cer
tain conditions, enforce the pay
ment of the note or notes through
the foreclosure of the mortgage
and the sale of the property.
Deeds Of Trust
In North Carolina, the term
“mortgage” is commonly used to
include, in addition to the conven
tional mortgage, another paper
known as a “deed of trust.” In
stead of being a two-party instru
ment like the mortgage, the deed
of trust is a three-party paper.
The borrower in this type of in
strument conveys the title of his
property to a trustee to secure the
repayment of his note or notes to
the lender. The trustee has no di
rect interest in the security; he
merely holds the legal title to the
property so long as the deed of
trust is outstanding. It is his duty
to foreclose the deed of trust if
a default occurs and if the lender
demands foreclosure. For pur
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poses of this article the term
mortgage” will include “deed of
trust” as well, except where indi
cated otherwise.
A mortgage must ordinarily meet
certain formal requisites. First of
all, it must be properly signed by
the owners of the real estate in
cluded in the mortgage. Secondly,
the property conveyed as security
must'be described sufficiently to
permit its identification. Thirdly,
the mortgage must state that he
conveyance is conditional upon the
payment of a certain sum, or the
fulfillment of certain conditions.
Finally, a mortgage should be re
corded in the Register of Deeds of
fice in order to give all persons
notice of its existence and to estab
lish its priority. Failure of a mort
gage to meet these requirements
ordinarily renders it invalid and
unenforcable.
Foreclosure
So long as the borrower meets
the payments on the mortgage, the
lender cannot foreclose.
Upon the failure of the borrow
er 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 fore
closure. However, the mortgagor
may have failed to perform other
conditions of the mortgage, such
as the payment of taxes qn the
property.
Most mortgages for the payment
of money in installments contain
what is known as an "accelera
tion clause.” This clause provides
that, upon default in making any
payment under the mortgage, the
mortgage has an option to declare
the full unpaid balance of the in
debtedness due, and to . foreclose
for the payment of this entire bal
ance.
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 itself. The
second. of these two procedures
is the one usually employed.
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
courthouse and by newspaper ad
vertisement. The actual foreclosure
sale is held at the courthouse and
is in the form of a public auction,
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, during
which time the bid may be raised.
Upon the filing of a raise of bid,
the property must be readvertised
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and resold at public ■auction. ThU
procedure may be repeated as oft
en as raises of bid are filed otr
the property. At any time prior to
the final, expiration of time tor
raise of bid, the borrower cab
stop the foreclosure proceedings
by paying off the debt, plus accru
ed 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 judg
ment is spoken of as a “deficiency
judgment” %:•"/.,1
Under Ndrth Carolina law a lend*
er CANNOT.bring- suit for a defies
iency judgment where the mort*
gage was originally given to se->
cure the payment of the balance
due upon the PURCHASE PRICE
of real estate. In other words, Hie
lender must rely solely upon the
real estate to recover the balance
due upon a purchase money mort
gage. Ibis rule of law was enact
ed during the depression of the
1930’s. - .
Transfer of Mortgaged Properly
Can the borrower tin real estate
transfer the property without pac
ing off the debt? Ordinarily, the
borrower can sell or otherwise dis
pose of the property as he sees
fit, leaving the mortgage debt un
affected. The new ojvher of the
property must, of course, keep
up the payment? on the mortgage.
The holder of the note secured t>y
the mortgage must accept pay*
ments of Hhe debt from the new
owner of the property.
t
If the new owner of the mortgag
ed real estate defaults in his pay
ments, can the original borrower
still be forced to make these pay
ments? As a practical matter,
the question seldom arises. The
holder of the xlebt ordinarily de
pends only on the real estate for
payment. As a matter of law' he
is required first of all to foredose
against the real estate. If die mort
gage, as shown on its face, was
originally a “purchase money;
mortgage,” then, as noted above, !
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■ To The Voters Qf
Brogden Township
/ N • t " ' »' '
We urge you to vote' for C. W. Wegstaff as constable
in Brogden township. We know by experience he is
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YOUR VOTE AND SUPPORT |
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the land alone must stand for the
debt The fact that the original
borrower has transferred his in
terest 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 defic
iency of the mortgage debt after
foreclosure. Any subsequent owner
of the real estate, who expressely
agreed to pay the debt, can like
wise be required to make up any
deficiency. x
Paying Off tho Mortgage
The usual method of disposing
of a mortgage debt is, of course,
by payment in full. At the time of
payment the mortgage or dped of
Aust, and the accompanying notes,
should be marked, “satisfield and
paid in foil”.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 tmuble later,
should the original papers be mis
placed. /
The index of prices received by
United States farmers declined Mo
points, or eight-tenths of one per
cent, during the month ended
March 15, 1954.,
Total United States acreage
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be above 1953 and the 1948-53 av
erage if farmers carry ,out .their
March 1 intentions.
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