1943 session laws – Ch.780 Sec.18
The chapter text below is provided for context. Scroll down to see the text of the law.
CHAPTER 780 AN ACT TO DECLARE THE NECESSITY OF CREATING PUBLIC BODIES CORPORATE AND POLITIC TO BE KNOWN AS HOSPITAL AUTHORITIES TO ENGAGE IN HOSPITAL CONSTRUCTION, MAINTENANCE AND OPERATION AND/OR PROJECTS TO PROVIDE HOS- PITAL ACCOMMODATIONS; TO PROVIDE FOR THE CREATION OF SUCH HOSPITAL AUTHORITIES; TO DEFINE THE POWERS AND DUTIES OF HOSPITAL AUTHORITIES AND TO PROVIDE FOR THE EXERCISE OF SUCH POWERS, INCLUDING ACQUIRING PROP- ERTY BY PURCHASE, GIFT OR EMINENT DOMAIN, AND INCLUDING BORROWING MONEY, ISSUING REV- ENUE AND CREDIT BONDS AND OTHER OBLIGA- TIONS, AND GIVING SECURITY THEREFOR; TO CON- FER REMEDIES ON OBLIGEES OF HOSPITAL AU- THORITIES; TO PROVIDE THAT HOSPITAL AUTHOR- ITIES, AND CERTAIN PROPERTY AND SECURITIES THEREOF SHALL BE TAX EXEMPT. The General Assembly of North Carolina do enact:
Limitations on remedies of obligee. No interest of the authority in any property, real or personal, shall be subject to sale by the foreclosure of a mortgage thereon, either through judicial proceedings or the exercise of a power of sale contained in such mortgage. All property of the authority shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same. No judgment against the authority shall be a charge or lien upon its property, real or personal.