A borrower may prepay a loan in whole or in part without penalty where the loan instrument does not explicitly state the borrower's rights with respect to prepayment or where the provisions for prepayment are not in accordance with law.
N.C. Gen. Stat. § 24-2.4
Prepayment of a loan if there are no prepayment terms or if the prepayment terms are not in accordance with law
Applied in 2 court decisions — leading case 193 W. Va. 304 - Young v. Sodaro (1995)
Most recently applied in In Re Carr Mill Mall Ltd. Partnership (October 1996)
1985, c. 681, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.