TO PROVIDE AN ALTERNATIVE MORTGAGE SATISFACTION FORM THAT ALLOWS A SECURED CREDITOR TO INDICATE THAT THE UNDERLYING OBLIGATION HAS BEEN EXTINGUISHED.
Senate amendment #3 makes the following changes to 2nd edition, as amended. Modifies changes made by Senate amendment #1 by amending proposed GS 14-118.6(b) to clarify that an entity denying the filing of a lien for reasonable suspicion that the lien is false must allow the claimant to file a Notice of Denied Lien Filing on a form approved by the Administrative Office of the Courts; interested persons may file a special proceeding within ten business days of the Notice being filed to determine whether a contractual or statutory basis for the lien exists; and interested persons must receive at least five days’ notice and opportunity to be heard on any hearing on such filing. Liens filed upon order of the court must have priority interest as of the date of the filing of Notice of Denied Lien Filing (except for liens filed under Chapter 44A of the General Statutes). Liens found to have no statutory or contractual basis must be ordered null and void and must not be recorded, and liens for which no special proceeding is filed within ten days of filing the Notice of Denied Lien Filing are deemed null and void. Proposed GS 14-118.6 also amended to add new subsection (d) providing that a violation of this statute constitutes an unfair trade practice in violation of GS 75-1.1. Makes technical conforming changes to the effective date.
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