Legal Question in Traffic Law in North Carolina

First, you only 'obligation' to pay comes from either your person moral standards and / or a Court Order. Otherwise, he is on your good graces. However, the statute of limitations is 3 years. So yes, he can legally wait quite sometime before hitting you up for reimbursement. That said, whether you pay him or not at this current time is up to you and your personal moral code. If there was no police report, no insurance involvement and no witnesses, then I personally would wait for him to sue me before considering paying him anything or I might consider offering him a small token amount to go away (if you choose that option, pay with a check or money order and write 'in full and final satisfaction' on the memo line). The benefit to waiting for him to sue is that he may simply forget the whole thing. Even if he does sue, he will very likely have a huge proof problem. Even still, if he does manage to get a judgment against you - you can simply pay it then.