WBK Industry News - State Regulatory Developments

North Carolina Modifies Provisions Regarding Settlement Agents

North Carolina lawmakers recently modified provisions relating to the duties of settlement agents.  Although these changes, which are effective immediately, are mostly stylistic, a few changes are substantive.

The changes remove from the N.C. Commercial Receivership Act the authorization to appoint receivers in cases regarding property within North Carolina of foreign corporations.  Additionally, the changes modify the required title of an action by a debtor who files a complaint commencing a civil action in which the sole relief requested is the appointment of a receiver, such title indicating that the filing does not waive or limit any rights or remedies the creditor or other party in interest has against the debtor or the debtor’s property.