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Creditor-Friendly Changes to North Carolina’s Accord and Satisfaction Law

3.17.2017

A creditor can now reinstate a disputed debt that has been inadvertently discharged.

The North Carolina Legislature recently amended its accord and satisfaction law to include creditor-friendly revisions that make it easier for creditors to avoid inadvertently discharging a disputed debt. Effective October 1, 2016, S.L. 2016-52 was enacted to conform North Carolina’s accord and satisfaction law to the corresponding provision of the Uniform Commercial Code, Section 3-311(c)(2), and allows a creditor to reinstate a debt that was paid in full satisfaction by a debtor; provided that the creditor repays such amount within 90 days and the debt payment was not tendered to a person, office, or place designated by the creditor under N.C.G.S. 25-3-311(c)(1).

Under North Carolina law, a debtor can satisfy a disputed debt if the debtor tenders to a creditor, and the creditor accepts such tender, a payment that is clearly communicated to be in full satisfaction of the disputed debt. The widespread use of automated check processing systems increased the risk that creditors would inadvertently accept such payments and accidentally discharge a disputed debt. This amendment provides recourse for creditors who fall victim to such a scenario and significantly reduces the risk of inadvertent discharge.

Physical Address: 301 Fayetteville Street, Suite 1900, Raleigh, NC 27601

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Poyner Spruill partner Named Fellow of Leadership Council on Legal Diversity

3/15/2017

“It’s an honor to help build a better and more diverse legal profession,” said Gul. “A more diverse legal profession opens doors to all Americans, draws upon the strengths of all Americans and helps protect the liberties and rights of all Americans. The Leadership Council on Legal Diversity is making important progress toward the goal of building a better and more diverse profession. I’m delighted to be part of this effort.”

Daniel Brader, Creditors' Rights & Bankruptcy Lawyer, Joins Poyner Spruill LLP

3/13/2017

Family Law in a Nutshell Webinar

3/2/2017

Join us for an instructional webinar on Family Law on March 2nd from 11:00am-12:00pm. Poyner Spruill divorce attorney Steve Epstein will explain the fundamental components of divorce, child custody, child support, alimony, equitable distribution, and alienation of affections. He will also answer questions submitted by attendees.

Join us for a breakfast discussion - Why have over 300 businesses formed captive insurers in NC

2/15/2017

Protect Your Business and Preserve More Income. You are invited to a panel discussion exploring what captives are, when you should consider setting up one, how the tax code can help the captive pay for itself, and more.

NCTA Lunch & Learn: Advertising Law 101 for Tech Marketing Professionals

2/14/2017

Advertising Law 101 for Tech Marketing Professionals This presentation will educate attendees on the "need-to-know" basics of advertising law. Marketing professionals in the Tech Industry regularly navigate issues that require a familiarity with truth in advertising, disclosure and endorsement rules for social media marketing, and privacy law - just to name a few. Knowing the basics of advertising law can insulate a company from a host of sanctions, fees, and other consequences.