1881_private laws_75_11
CHAPTER 74 AN ACT TO CHARTER THE BANK OF KINSTON, The General Assembly of North Carolina do enact :
That to aid planters, miners, manufacturers, merchants and other classes of persons, the said bank shall and may have power to advance or loan to a planter, farmer, miner, manufacturer, or merchant or other classes of persons, any sum or sums of money, and to secure the payment of the same, taking in writing a lien or liens on the crop or crops to be raised, even before planting the same; or upon the present or prospective products of any mining operations, upon any article or articles then existing or thereafter to be made, purchased, manufactured or otherwise acquired ; and any lien so taken shall be good and effectual in law, providing the same is duly recorded under the existing laws of registration, anterior to all other liens and mortgages, for securing such loans or advances; and the said bank shall have power to make loans upon mortgages of real and personal property, with power of sale inserted upon default of payment, and also to receive in storage or warehouse any cotton, wheat, corn or other produce, or any manufactured article whatsoever, as a pledge or pledges for the repayment of money or moneys loaned upon the faith of the same, the said lien, pledges or mortgages, being duly recorded or registered, as in the case of mortgages or deeds of trust, and any sales made thereunder, according to the trust therein recited, shall be good and valid in law.