§ 45-36.8. Understated payoff statement: correction; effect. - North Carolina Statutes

§ 45‑36.8.  Understatedpayoff statement: correction; effect.

(a)        If a securedcreditor determines that the payoff amount it provided in a payoff statementwas understated, the creditor may send a corrected payoff statement. If theentitled person or the person's authorized agent receives and has a reasonableopportunity to act upon a corrected payoff statement before making payment, thecorrected statement supersedes an earlier statement.

(b)        A secured creditorthat sends a payoff statement containing an understated payoff amount may notdeny the accuracy of the payoff amount as against any person that reasonablyand detrimentally relies upon the understated payoff amount.

(c)        This Article doesnot:

(1)        Affect the right ofa secured creditor to recover any sum that it did not include in a payoffamount from any person liable for payment of the secured obligation; or

(2)        Limit any claim ordefense that a person liable for payment of a secured obligation may have underlaw other than this Article. (2005‑123, s. 1.)