North Carolina § 44A-75 - Termination of a lien on an aircraft.

§ 44A-75. Termination of a lien on an aircraft.

Termination by Payment of Amount Owed. - Any lien under this Article shall be terminated upon receipt by the lienor of the full amount owed for the labor, skill, or materials on the aircraft, and for storage of the aircraft, which amount shall not be limited to any amount shown on the notice of lien filed under G.S. 44A-60, if a notice of lien has been filed by the lienor. Upon receipt of the amount owed, the lienor or the lienor's agent shall release the aircraft to the owner, if the aircraft is in the possession of the lienor, and shall, within 20 days following a request in writing by the aircraft owner, file with the clerk of court a notice of satisfaction of lien, if a notice of lien has been filed by the lienor. A notice of satisfaction of lien shall state that the amount owed for the lienor's expenditure of labor, skill, or materials on the aircraft, and for the storage of the aircraft, has been paid and the lien against the aircraft has been terminated. The notice of satisfaction of lien shall be sworn to or affirmed, and subscribed by the lienor or by someone on the lienor's behalf having personal knowledge of the facts. Upon the filing of a notice of satisfaction of lien, the clerk of court shall make an entry of acknowledgment of satisfaction in the index. Termination by Deposit of Surety Bond. - Any lien under this Article shall be terminated by the clerk of court whenever a surety bond in a sum equal to one and one-fourth times the amount of the lien claimed against the aircraft and conditioned upon the payment of the amount finally determined to be due in satisfaction of the lien is deposited with the clerk of court. When a deposit that satisfies this subsection is made, the lienor or the lienor's agent shall release the aircraft to the owner, if the aircraft is in the possession of the lienor. History (2006-222, s. 1.1; 2013-17, s. 1.) Editor's Note. - Session Laws 2013-17, s. 2, made the amendment to this section by s. 1 effective March 28, 2013, and applicable to liens perfected under Article 5 of Chapter 44A of the General Statutes on or after that date. Effect of Amendments. - Session Laws 2013-17, s. 1, redesignated the formerly undesignated paragraph as present subsection (a); added "Termination by Payment of Amount Owed" in the subsection (a) heading; and added subsection (b). For effective date and applicability, see editor's note.