Ownbey v. . Parkway Properties, Inc.

If the actual possession of the mortgagor is a prerequisite to the bar of the statute of limitations against the foreclosure of mortgages and trust deeds the judgment below must be affirmed and if not Spain v. Hines, 214 N. C., 432, 200 S. E., 25, is controlling.

C. S., 2589, provides only that the power of sale in a mortgage or trust deed is barred when an action to foreclose would be barred. Hence, we must read into this section the provisions of C. S., 437 (3), relating to the bar of actions to foreclose. It is thus made to appear that a power of sale contained in a mortgage becomes…