Nationsbank of North Carolina, N.A. v. Baines

ORR, Judge.

Defendant entered a written purchase-money security agreement (“the agreement”) with Uzzle Cadillac-Oldsmobile for the purchase of a new car on 10 June 1987. Defendant chose to purchase credit life insurance and accident and health insurance as part of the agreement. The agreement was assigned to plaintiff with defendant’s consent. The terms of the agreement obligated defendant to pay sixty monthly payments of $339.31, with payments due on the tenth of each month, directly to plaintiff. The relevant portions of the agreement explained:

Late Charge . . . Acceptance by [plaintiff] of…