§ 25-9-619 – Transfer of record or legal title.
25-9-619. Transfer of record or legal title. (a) "Transfer statement." – In this section, "transfer statement" means a record authenticated by a secured party stating: (1) That the debtor has defaulted in connection with an obligation secured by specified collateral; (2) That the secured party has exercised its postdefault remedies with respect to the collateral; […]
§ 25-9-620 – Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
25-9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. (a) Conditions to acceptance in satisfaction. – Except as otherwise provided in subsection (g) of this section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (1) The debtor consents to […]
§ 25-9-621 – Notification of proposal to accept collateral.
25-9-621. Notification of proposal to accept collateral. (a) Persons to which proposal to be sent. – A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) Any person from which the secured party has received, before the debtor consented to the […]
§ 25-9-622 – Effect of acceptance of collateral.
25-9-622. Effect of acceptance of collateral. (a) Effect of acceptance. – A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) Discharges the obligation to the extent consented to by the debtor; (2) Transfers to the secured party all of a debtor’s rights in the collateral; (3) Discharges […]
§ 25-9-623 – Right to redeem collateral.
25-9-623. Right to redeem collateral. (a) Persons that may redeem. – A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) Requirements for redemption. – To redeem collateral, a person shall tender: (1) Fulfillment of all obligations secured by the collateral; and (2) The reasonable expenses and attorney’s fees […]
§ 25-9-608 – Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
25-9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. (a) Application of proceeds, surplus, and deficiency if obligation secured. – If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) A secured party shall apply or pay over for application […]
§ 25-9-609 – Secured party's right to take possession after default.
25-9-609. Secured party’s right to take possession after default. (a) Possession; rendering equipment unusable; disposition on debtor’s premises. – After default, a secured party: (1) May take possession of the collateral; and (2) Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under G.S. 25-9-610. (b) Judicial and nonjudicial process. […]
§ 25-9-610 – Disposition of collateral after default.
25-9-610. Disposition of collateral after default. (a) Disposition after default. – After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (b) Commercially reasonable disposition. – Every aspect of a disposition of collateral, including […]
§ 25-9-611 – Notification before disposition of collateral.
25-9-611. Notification before disposition of collateral. (a) "Notification date." – In this section, "notification date" means the earlier of the date on which: (1) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (2) The debtor and any secondary obligor waive the right to notification. (b) Notification […]
§ 25-9-612 – Timeliness of notification before disposition of collateral.
25-9-612. Timeliness of notification before disposition of collateral. (a) Reasonable time is question of fact. – Except as otherwise provided in subsection (b) of this section, whether a notification is sent within a reasonable time is a question of fact. (b) Ten-day period sufficient in nonconsumer transaction. – In a transaction other than a consumer […]