§ 45A-3. Definitions.
§45A‑3. Definitions.
As used in this Chapter,unless the context otherwise requires:
(1) "Bank"means a financial institution, including but not limited to a national bank,state chartered bank, savings bank, or credit union that is insured by theFederal Deposit Insurance Corporation or a comparable agency of the federal orstate government.
(2) "Borrower"means the maker of the promissory note evidencing the loan to be delivered atthe closing.
(3) "Cashier'scheck" means a check that is drawn on a bank, is signed by an officer oremployee of the bank on behalf of the bank as drawer, is a direct obligation ofthe bank, and is provided to a customer of the bank or acquired from the bankfor remittance purposes.
(4) "Certifiedcheck" means a check with respect to which the drawee bank certifies bysignature on the check of an officer or other authorized employee of the bankthat (i) the signature of the drawer on the check is genuine and the bank hasset aside funds that are equal to the amount of the check and will be used topay the check or (ii) the bank will pay the check upon presentment.
(5) "Closing"means the time agreed upon by the purchaser, seller, and lender (ifapplicable), when the execution and delivery of the documents necessary toconsummate the transaction contemplated by the parties to the contract occurs,and includes a loan closing.
(6) "Closingfunds" means the gross or net proceeds of the real estate transaction,including any loan funds, to be disbursed by the settlement agent as part ofthe disbursement of settlement proceeds on behalf of the parties.
(7) "Collectedfunds" means funds deposited and irrevocably credited to a settlementagent's account used to fund the disbursement of settlement proceeds whichaccount is a trust account, escrow account, or an account held by a company orits subsidiary which is licensed and supervised by the North CarolinaCommissioner of Banks.
(8) "Disbursementof settlement proceeds" means the payment of all closing funds from thetransaction by the settlement agent to the persons or entities entitled to thatpayment.
(9) "Lender"means any person or entity engaged in making or originating loans secured bymortgages or deeds of trust on real estate.
(10) "Loanclosing" means the time agreed upon by the borrower and lender, asapplicable, when the execution and delivery of loan documents by the borroweroccurs.
(11) "Loandocuments" means the note evidencing the debt due to the lender, the deedof trust or mortgage to secure that debt to the lender, and any other documentsrequired by the lender to be executed by the borrower as part of the loanclosing transaction.
(12) "Loanfunds" means the gross or net proceeds of the loan to be disbursed by thesettlement agent as part of the disbursement of settlement proceeds on behalfof the borrower and lender.
(13) "Party" or"parties" means the seller, purchaser, borrower, lender, andsettlement agent, as applicable to the subject transaction.
(14) "Settlement"means the time when the settlement agent has received the duly executed deed,deed of trust or mortgage, and other loan documents and funds required to carryout the terms of the contracts between the parties.
(15) "Settlementagent" means the person or persons responsible for conducting thesettlement and disbursement of the settlement proceeds, and includes anyindividual, corporation, partnership, or other entity conducting the settlementand disbursement of the closing funds.
(16) "Teller'scheck" means a check provided to a customer of a bank or acquired from abank for remittance purposes, that is drawn by the bank, and drawn on anotherbank or payable through or at a bank. (1995 (Reg. Sess., 1996), c.714, s. 1.)