§ 25-9-704 – Security interest unperfected before effective date.
25-9-704. Security interest unperfected before effective date. A security interest that is enforceable immediately before July 1, 2001 but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) Remains an enforceable security interest for one year after July 1, 2001; (2) Remains enforceable thereafter if […]
§ 25-9-705 – Effectiveness of action taken before effective date.
25-9-705. Effectiveness of action taken before effective date. (a) Pre-effective-date action; one-year perfection period unless reperfected. – If action, other than the filing of a financing statement, is taken before July 1, 2001 and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien […]
§ 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 […]
§ 25-9-614 – Contents and form of notification before disposition of collateralconsumer-goods transaction.
25-9-614. Contents and form of notification before disposition of collateral: consumer-goods transaction. In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: a. The information specified in G.S. 25-9-613(1); b. A description of any liability for a deficiency of the person to which the notification is sent; […]
§ 25-9-615 – Application of proceeds of disposition; liability for deficiency and right to surplus.
25-9-615. Application of proceeds of disposition; liability for deficiency and right to surplus. (a) Application of proceeds. – A secured party shall apply or pay over for application the cash proceeds of disposition under G.S. 25-9-610 in the following order to: (1) The reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, […]
§ 25-9-616 – Explanation of calculation of surplus or deficiency.
25-9-616. Explanation of calculation of surplus or deficiency. (a) Definitions. – In this section: (1) "Explanation" means a writing that: a. States the amount of the surplus or deficiency; b. Provides an explanation in accordance with subsection (c) of this section of how the secured party calculated the surplus or deficiency; c. States, if applicable, […]
§ 25-9-617 – Rights of transferee of collateral.
25-9-617. Rights of transferee of collateral. (a) Effects of disposition. – A secured party’s disposition of collateral after default: (1) Transfers to a transferee for value all of the debtor’s rights in the collateral; (2) Discharges the security interest under which the disposition is made; and (3) Discharges any subordinate security interest or other subordinate […]
§ 25-9-618 – Rights and duties of certain secondary obligors.
25-9-618. Rights and duties of certain secondary obligors. (a) Rights and duties of secondary obligor. – A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) Receives an assignment of a secured obligation from the secured party; (2) Receives a transfer of collateral […]