Wells Fargo Bank, N.A. v. Am. Nat'l Bank & Trust Co.

DIETZ, Judge.

This case presents an issue of first impression involving N.C. Gen. Stat. § 45-36.6(b), a statute that permits rescission of a notice of satisfaction for a security instrument if that instrument was "erroneously satisfied."

The parties have two competing interpretations of the phrase "erroneously satisfied." Wells Fargo argues that "erroneously" means precisely what it says-any error or mistake of any kind. American National argues that the statute applies only if the error was believing that the underlying secured obligation had been paid off when in fact it had not.

The…