§ 25-9-706 – When initial financing statement suffices to continue effectiveness of financing statement.
25-9-706. When initial financing statement suffices to continue effectiveness of financing statement. (a) Initial financing statement in lieu of continuation statement. – The filing of an initial financing statement in the office specified in G.S. 25-9-501 continues the effectiveness of a financing statement filed before July 1, 2001 if: (1) The filing of an initial […]
§ 25-9-707 – Amendment of pre-effective-date financing statement.
25-9-707. Amendment of pre-effective-date financing statement. (a) "Pre-effective-date financing statement". – In this section, "pre-effective-date financing statement" means a financing statement filed before July 1, 2001. (b) Applicable law. – After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided […]
§ 25-9-708 – Persons entitled to file initial financing statement or continuation statement.
25-9-708. Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this Part if: (1) The secured party of record authorizes the filing; and (2) The filing is necessary under this Part: a. To continue the effectiveness of a financing statement filed […]
§ 25-9-709 – Priority.
25-9-709. Priority. (a) Law governing priority. – This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, former Article 9 determines priority. (b) Priority if security interest becomes enforceable under G.S. 25-9-203. – For purposes of G.S. 25-9-322(a), the priority of […]
§ 25-9-710 – Special transitional provision for maintaining and searching local-filing office records.
25-9-710. Special transitional provision for maintaining and searching local-filing office records. (a) In this section: (1) "Former-Article-9 records" means: a. Financing statements and other records that have been filed in the local-filing office before July 1, 2001, and that are, or upon processing and indexing will be, reflected in the index maintained, as of June […]
§ 25-9-624 – Waiver.
25-9-624. Waiver. (a) Waiver of disposition notification. – A debtor or secondary obligor may waive the right to notification of disposition of collateral under G.S. 25-9-611 only by an agreement to that effect entered into and authenticated after default. (b) Waiver of mandatory disposition. – A debtor may waive the right to require disposition of […]
§ 25-9-625 – Remedies for secured party's failure to comply with Article.
25-9-625. Remedies for secured party’s failure to comply with Article. (a) Judicial orders concerning noncompliance. – If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (b) Damages for noncompliance. – Subject […]
§ 25-9-626 – Action in which deficiency or surplus is in issue.
25-9-626. Action in which deficiency or surplus is in issue. (a) Applicable rules if amount of deficiency or surplus in issue. – In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) A secured party need […]
§ 25-9-627 – Determination of whether conduct was commercially reasonable.
25-9-627. Determination of whether conduct was commercially reasonable. (a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. – The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is […]
§ 25-9-628 – Nonliability and limitation on liability of secured party; liability of secondary obligor.
25-9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor. (a) Limitation of liability of secured party for noncompliance with Article. – Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: (1) The secured […]