NC General Statutes

N.C. Gen. Stat. § 45-36.8 (2026)

Understated payoff statement or short-pay statement: correction; effect

✓ current as of July 2026

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(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.

(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. (2005-123, s. 1; 2011-312, s. 7.)

Notes of Decisions

Cited in 2 cases, 2008–2010 · leading case: Trey Inman & Assocs., P.C. v. Bank of Am., N.A., 702 S.E.2d 711 (Ga. Ct. App. 2010).

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Trey Inman & Assocs., P.C. v. Bank of Am., N.A., 702 S.E.2d 711 (Ga. Ct. App. 2010). · cites it 2× “Thus, we find that N.C. Gen. Stat. § 45-36.7 (g) is not applicable to this matter.”

Countrywide Home Loans, Inc. v. Bank One, N.A., 661 S.E.2d 259 (N.C. Ct. App. 2008). · cites it 2× “…the payoff amount as against any person that reasonably and detrimentally relies upon the understated payoff amount.” N.C. Gen. Stat. § 45-36.8 (b) (2005).”

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