Bill Summary for H 513 (2015-2016)

Summary date: 

May 19 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
House Bill 513 (Public) Filed Wednesday, April 1, 2015
AN ACT TO MAKE TECHNICAL CORRECTIONS AND OTHER CONFORMING CHANGES TO THE GENERAL STATUTES CONCERNING REAL PROPERTY.
Intro. by Bryan, Stevens.

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Bill summary

Senate committee substitute makes the following change to the 1st edition.

Amends GS 45-36(c) to provide that unless both of the following conditions are met, the recording of a satisfaction of a security instrument does not by itself extinguish any liability of a person for payment or performance of the secured obligation: (1) the satisfaction expressly states that the underlying obligation secured by the security instrument has been extinguished and (2) the underlying note or other instrument providing evidence of the obligation has been cancelled (was, required only that the satisfaction expressly state the underlying obligation had been extinguished).

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