§ 45-36.12 – Limitation of secured creditor's liability.
45-36.12. Limitation of secured creditor’s liability. A secured creditor is not liable under this Article if it: (1) Established a reasonable procedure to achieve compliance with its obligations under this Article; (2) Complied with that procedure in good faith; and (3) Was unable to comply with its obligations because of circumstances beyond its control. (2005-123, […]
§ 45-36.4 – Definitions.
45-36.4. Definitions. As used in this Article, the following terms mean: (1) Address for giving a notification. – For the purpose of a particular type of notification, the most recent address provided in a document by the intended recipient of the notification to the person giving the notification, unless the person giving the notification knows […]
§ 45-36.5 – Notificationmanner of giving and effective date.
45-36.5. Notification: manner of giving and effective date. (a) A person gives a notification by any of the following: (1) Depositing it with the United States Postal Service with first-class postage paid or with a commercially reasonable delivery service with cost of delivery provided, properly addressed to the recipient’s address for giving a notification. (2) […]
§ 45-36.6 – Document of rescissioneffect; liability for wrongful recording.
45-36.6. Document of rescission: effect; liability for wrongful recording. (a) Definitions. – The following definitions apply in this section: (1) Document of rescission. – A document that rescinds either (i) a release that was recorded in error or (ii) the erroneous satisfaction of a security instrument. (2) Release. – A document that either (i) releases […]
§ 45-36.7 – Payoff and short-pay statements; request and content.
45-36.7. Payoff and short-pay statements; request and content. (a) An entitled person, or an agent authorized by an entitled person to request a payoff or a short-pay statement, may give to the secured creditor a notification requesting a payoff statement or a short-pay statement. The notification must contain all of the following: (1) The entitled […]
§ 45-36.7A – Credit suspension directives.
45-36.7A. Credit suspension directives. (a) A credit suspension directive may be given to a secured creditor by any of the following: (1) Any borrower. (2) The legal representative of any borrower. (3) The attorney for any borrower. (4) An attorney licensed to practice law in the State of North Carolina or a bank, savings and […]
§ 45-36.8 – Understated payoff statement or short-pay statementcorrection; effect.
45-36.8. Understated payoff statement or short-pay statement: correction; effect. (a) If a secured creditor determines that the payoff amount it provided in a payoff statement or the short-pay amount it provided in a short-pay statement was understated, the creditor may send a corrected payoff or short-pay statement. If the entitled person or the person’s authorized […]
§ 45-36.9 – Secured creditor to submit satisfaction or release for recording; liability for failure.
45-36.9. Secured creditor to submit satisfaction or release for recording; liability for failure. (a) A secured creditor shall submit for recording a satisfaction of a security instrument within 30 days after the creditor receives full payment or performance of the secured obligation. If a security instrument secures a line of credit or future advances, the […]
§ 45-36.10 – Content and effect of satisfaction.
45-36.10. Content and effect of satisfaction. (a) A document is a satisfaction of a security instrument if it does all of the following: (1) Identifies the type of security instrument, the original parties to the security instrument, the recording data for the security instrument, and the office in which the security instrument is recorded. (2) […]
§ 45-36.11 – Satisfactionform.
45-36.11. Satisfaction: form. (a) Standard Form. – No particular phrasing is required for a satisfaction of a security instrument. The following form, when properly completed, is sufficient to satisfy the requirements of G.S. 45-36.10(a): "SATISFACTION OF SECURITY INSTRUMENT (G.S. 45-36.10; G.S. 45-37(a)(7)) The undersigned is now the secured creditor in the security instrument identified as […]