Section 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 agent receives and has a reasonable opportunity to act upon a corrected payoff statement or short-pay statement before making payment, the corrected statement supersedes an earlier statement.(b) A secured creditor that sends a payoff statement containing an understated payoff amount or a short-pay statement containing an understated short-pay amount may not deny the accuracy of the payoff amount or short-pay amount as against any person that reasonably and detrimentally relies upon the understated payoff amount or short-pay amount.(c) This Article does not: (1) Affect the right of a secured creditor to recover any sum that it did not include in a payoff amount or a short-pay amount from any person liable for payment of the secured obligation; or(2) Limit any claim or defense that a person liable for payment of a secured obligation may have under law other than this Article.N.C. Gen. Stat. § 45-36.8
Amended by 2011 N.C. Sess. Laws 312,s. 7, eff. 10/1/2011.Added by 2005 N.C. Sess. Laws 123, s. 1, eff. 10/1/2005.