§ 45-36.14. Affidavit of satisfaction: notification to secured creditor. - North Carolina Statutes

§ 45‑36.14.  Affidavitof satisfaction: notification to secured creditor.

(a)        If a securedcreditor has not submitted for recording a satisfaction of a securityinstrument and the security instrument has not been satisfied of record by anyof the methods provided by G.S. 45‑37(a) within the period specified inG.S. 45‑36.9(a), a satisfaction agent acting for and with authority fromthe landowner may give the secured creditor a notification that thesatisfaction agent intends to submit for recording an affidavit of satisfactionof the security instrument. The notification must include all of the following:

(1)        The identity andmailing address of the satisfaction agent.

(2)        Identification ofthe security instrument for which a recorded satisfaction is sought, includingthe names of the original parties to, and the recording data for, the securityinstrument.

(3)        A statement that thesatisfaction agent has reasonable grounds to believe that:

a.         The person to whomthe notification is being given is the secured creditor; and

b.         The secured creditorhas received full payment or performance of the secured obligation.

(4)        A statement that thesecurity instrument has not been satisfied of record.

(5)        A statement that thesatisfaction agent, acting with the authorization of the owner of the realproperty described in the security instrument, intends to sign and submit forrecording an affidavit of satisfaction of the security instrument unless,within 30 days after the effective date of the notification:

a.         The secured creditorsubmits a satisfaction of the security instrument for recording;

b.         The satisfactionagent receives from the secured creditor a notification stating that thesecured obligation remains unsatisfied;

c.         The satisfactionagent receives from the secured creditor a notification stating that thesecured creditor has assigned the security instrument and identifying the nameand address of the assignee; or

d.         The securityinstrument is satisfied of record by any of the methods provided in G.S. 45‑37(a).

(b)        A notificationunder subsection (a) of this section must be sent by a method authorized byG.S. 45‑36.5 that provides proof of receipt to the secured creditor'saddress for giving a notification for the purpose of requesting a payoffstatement or, if the satisfaction agent cannot ascertain that address, to thesecured creditor's address for notification for any other purpose.

(c)        This Article doesnot require a person to agree to serve as a satisfaction agent. (2005‑123, s. 1.)