§ 53-408. Payment to creditors.
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§ 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. (2001-263, s. 1.)