North Carolina § 53-408 - Payment to creditors.
Full text of North Carolina North Carolina General Statutes § 53-408 — Payment to creditors., with citation guidance and answers to common questions.
§ 53-408. Payment to creditors.
Payment to a creditor of the selling institution of the amount to be paid under the terms of a contract of agency described in G.S. 53-407 may be made by the purchasing trust company by (i) opening an agency account in the name of the creditor; (ii) crediting the account with the amount to be paid the creditor under the terms of the agency contract; and (iii) mailing or personally delivering a duplicate ticket evidencing the credit to the creditor at the creditor's address shown in the records of the selling institution. History (2001-263, s. 1.)
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 53-408
What does North Carolina General Statutes § 53-408 cover?
Section 53-408 ("Payment to creditors.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 53-408?
A common citation format is "North Carolina General Statutes § 53-408" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 53-408 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.