N.C. Gen. Stat. » Chapter 24
NC General Statutes

N.C. Gen. Stat. § 24-2.4 (2026)

Prepayment of a loan if there are no prepayment terms or if the prepayment terms are not in accordance with law

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A borrower may prepay a loan in whole or in part without penalty where the loan instrument does not explicitly state the borrower's rights with respect to prepayment or where the provisions for prepayment are not in accordance with law. (1985, c. 681, s. 1.)

 

Notes of Decisions
Cited in 3 cases, 1990–1996 · leading case: Hatcher v. Rose, 407 S.E.2d 172 (N.C. 1991).
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Hatcher v. Rose, 407 S.E.2d 172 (N.C. 1991). · cites it 16× “In 1985, the North Carolina General Assembly enacted N.C.G.S. § 24-2.4 which provides: A borrower may prepay a loan in whole or in part without penalty where the 'loan instrument does not explicitly state the borrower’s rights with respect to prepayment or where the provisions…”
Hatcher v. Rose, 389 S.E.2d 442 (N.C. Ct. App. 1990). · cites it 4× “G.S. 24-2.4 provides that “[a] borrower may prepay a loan in whole or in part without penalty where the loan instrument does not explicitly state the borrower’s rights with respect to prepayment or where the provisions for prepayment are not in accordance with law.”
In Re Carr Mill Mall Ltd. P'ship, 201 B.R. 415 (Bankr. M.D.N.C. 1996). · cites it 2× “While it is true that the Debtor’s right to prepay was initially governed by the terms of the three Notes, once the original maturity date of those Notes passed and the rights created by the prepayment provisions vanished, N.C.Gen.Stat. § 24-2.4 stepped in to fill the void and…”
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