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Current as of January 01, 2020 | Updated by FindLaw Staff
(a) When any payment is made under any consumer credit sale transaction, the person receiving such payment shall, if the payment is made in cash, give the buyer a written receipt therefor. If the buyer specifies that the payment is made on one of several obligations, the receipt shall so state.
(b) Upon the payment of all sums for which the buyer is obligated under a consumer credit sale, the seller shall promptly release any security interest in accordance with the terms of G.S. 25-9-513 or G.S. 20-58.4, whichever is applicable. In the event a security interest in real property is involved, the seller shall take such action as is necessary to enable the lien to be discharged of record under the provisions of G.S. 45-37.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 25A. Retail Installment Sales Act § 25A-22. Receipts for payments; return of title documents upon full payment - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-25a-retail-installment-sales-act/nc-gen-st-sect-25a-22/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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