§ 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 […]
§ 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 […]
§ 25-9-614 – 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; […]
§ 25-9-604 – Procedure if security agreement covers real property or fixtures.
25-9-604. Procedure if security agreement covers real property or fixtures. (a) Enforcement: personal and real property. – If a security agreement covers both personal and real property, a secured party may proceed: (1) Under this Part as to the personal property without prejudicing any rights with respect to the real property; or (2) As to […]