"Waterbound" is also known as “Stay All Night” and "Way Down in North Carolina". The verse and chorus are sung to the A part. The B part is an instrumental break. This piece is originally from Roscoe Holcomb, though the Bogtrotters also recorded an early version of the song. It was also recorded by Art Rosenbaum, Mike Seeger, Paul Brown and The Golden Ring group. I learned this first from the Golden Ring recording.