\n(a) The following definitions apply in this Article:\n(1) 'Resale' means a resale of real property or a resale of any leasehold interest created by a lease of real property held pursuant to G.S. 45-21.30.\n(2) 'Sale' means a sale of real property or a sale of any leasehold interest created by a lease of real property pursuant to (i) an express power of sale contained in a mortgage, deed of trust, leasehold mortgage, or leasehold deed of trust or (ii) a 'power of sale', under this Article, authorized by other statutory provisions.\n(b) The following constructions apply in this Article:\n(1) The terms 'mortgage' or 'deed of trust' include leasehold mortgages or leasehold deeds of trust.\n(2) The terms 'mortgagee' or 'trustee' include any person or entity exercising a power of sale pursuant to this Article.\n(3) The terms 'real property' or 'property' include any leasehold interest created by a lease of real property. (1949, c. 720, s. 1; 1967, c. 562, s. 2; 1991, c. 255; 1993, c. 305, s. 1.)
North Carolina Legal Code