1883 public laws – Ch.190 Sec.5
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CHAPTER 190 An act to authorize a sale of the states stock in the Cape Fear and Yadkin Valley Railway Company, and provide for the speedy com- pletion of the same, The General Assembly of North Carolina do enact :
That the said company so reorganized shall hav full power and authority to make a mortgage upon all of its property, effects and franchises of every kind whatsoever to secure the payment of its bonds, and to issue bonds in such sums as it may deem proper, bearing interest at the rate of six percent. per annum, and to run for the period of thirty years from the date thereof, to the amount of fifteen thousand dollars per mile upon each mile of said road already constructed, or which may hereafter be constructed, and of any branch or branches of said road, and that said mortgage and the bonds issued thereunder shall be a first lien and have priority over every other cluim against the company. The said mortgage, when duly executed, shall be registered in the registers office of the county of Cumberland, and registration in said county shall be deemed an effectual and sufficient registration for all purposes, and it shall not be necessary to register the same in any other county, any law to the contrary notwithstanding.