§ 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 […]
§ 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 […]
§ 45-21.47 – Validation of foreclosure sales when trustee is officer of owner of debt.
45-21.47. Validation of foreclosure sales when trustee is officer of owner of debt. All sales of real property made prior to January 1, 1991, under a power of sale contained in a mortgage or deed of trust for which the trustee was an officer, director, attorney, agent, or employee of the owner of all or […]
§ 45-21.48 – Validation of certain foreclosure sales that did not comply with posting requirement.
45-21.48. Validation of certain foreclosure sales that did not comply with posting requirement. A sale of real property made on or before July 2, 1985, under a power of sale contained in a mortgage or deed of trust, for which a notice of the sale was not posted at the courthouse door for 20 days […]
§ 45-21.49 – Validation of foreclosure sales when provisions of § 45-21.16A(a)(3) not complied with.
45-21.49. Validation of foreclosure sales when provisions of 45-21.16A(a)(3) not complied with. (a) Whenever any real property was sold under a power of sale as provided in Article 2A of Chapter 45, and the notice of sale did not describe the improvements on the property to be sold, as required under G.S. 45-21.16A(a)(3), the sale […]