NC S679

Establishes new procedures for releasing property from deeds of trust liens, including partial releases and obligation releases that do not require trustee involvement.

Creates short-pay statements allowing borrowers to release specific property from a security instrument without full payoff, and introduces credit suspension directives to temporarily prevent additional advances during real estate transactions.

Implements automatic lien expiration provisions where security instrument liens expire 15 years after maturity date (or 35 years after recording if no maturity date stated), unless extended through recorded lien maturity extension agreements or notices of maturity date.

Expands procedures for equity lines of credit including termination requests, notices regarding future advances to prevent certain advances from being secured, and eliminates prepayment penalties except as allowed for variable-to-fixed rate conversions.

Establishes that trustees in deeds of trust are not necessary parties to most civil proceedings relating to title, priority, or property interests (except foreclosure), and allows documents of rescission to correct erroneously recorded releases or satisfactions.