§ 53-408. Payment to creditors. - North Carolina Statutes

§ 53‑408.  Payment tocreditors.

Payment to a creditor of theselling institution of the amount to be paid under the terms of a contract ofagency described in G.S. 53‑407 may be made by the purchasing trustcompany by (i) opening an agency account in the name of the creditor; (ii)crediting the account with the amount to be paid the creditor under the termsof the agency contract; and (iii) mailing or personally delivering a duplicateticket evidencing the credit to the creditor at the creditor's address shown inthe records of the selling institution. (2001‑263, s. 1.)