2013 North Carolina General Statutes
Chapter 53 - Regulation of Financial Services.
Article 24 - Trust Companies and Interstate Trust Business.
Section 53-408 - Payment to creditors.
53-408. Payment to creditors.
Payment to a creditor of the selling institution of the amount to be paid under the terms of a contract of agency described in G.S. 53-407 may be made by the purchasing trust company 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 terms of the agency contract; and (iii) mailing or personally delivering a duplicate ticket evidencing the credit to the creditor at the creditor's address shown in the records of the selling institution. (2001-263, s. 1.)
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