reglab/housing_qa huggingface dataset:
NC Gen Stat § 25-9-106 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-106 - Control of investment property.

 25-9-106. Control of investment property.(a) Control under G.S. 25-8-106. - A person has control of a certificated security, uncertificated security, or security entitlement as provided in G.S. 25-8-106.(b) Control of commodity contract. - A secured party has control of a commodity contract if:(1) The secured party is the commodity intermediary with which the commodity contract is carried; or(2) The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.(c) Effect of control of securities account or commodity account. - A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account. (1945, c. 196, s. 1; 1957, c. 504; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c. 862, s. 7; 1997-181, s. 4; 1999-73, s. 7; 2000-169, s. 1.)
NC Gen Stat § 25-9-107 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-107 - Control of letter-of-credit right.

 25-9-107. Control of letter-of-credit right.A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under G.S. 25-5-114(c) or otherwise applicable law or practice. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 1993, c. 370, s. 1; 2000-169, s. 1.)
NC Gen Stat § 25-9-108 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-108 - Sufficiency of description.

 25-9-108. Sufficiency of description.(a) Sufficiency of description. - Except as otherwise provided in subsections (c), (d), and (e) of this section, a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.(b) Examples of reasonable identification. - Except as otherwise provided in subsection (d) of this section, a description of collateral reasonably identifies the collateral if it identifies the collateral by:(1) Specific listing;(2) Category;(3) Except as otherwise provided in subsection (e) of this section, a type of collateral defined in this Chapter;(4) Quantity;(5) Computational or allocational formula or procedure; or(6) Except as otherwise provided in subsection (c) of this section, any other method, if the identity of the collateral is objectively determinable.(c) Supergeneric description not sufficient. - A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import does not reasonably identify the collateral.(d) Investment property. - Except as otherwise provided in subsection (e) of this section, a description of a security entitlement, securities account, or commodity account is sufficient if it describes:(1) The collateral by those terms or as investment property; or(2) The underlying financial asset or commodity contract.(e) When description by type insufficient. - A description only by type of collateral defined in this Chapter is an insufficient description of:(1) A commercial tort claim; or(2) In a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)
NC Gen Stat § 25-9-110 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-110 - Security interests arising under Article 2 or 2A of this Chapter.

 25-9-110. Security interests arising under Article 2 or 2A of this Chapter.A security interest arising under G.S. 25-2-401, 25-2-505, 25-2-711(3), or 25-2A-508(5) is subject to this Article. However, until the debtor obtains possession of the goods:(1) The security interest is enforceable, even if G.S. 25-9-203(b)(3) has not been satisfied;(2) Filing is not required to perfect the security interest;(3) The rights of the secured party after default by the debtor are governed by Article 2 or 2A of this Chapter; and(4) The security interest has priority over a conflicting security interest created by the debtor. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 1993, c. 463, s. 3; 2000-169, s. 1.)
NC Gen Stat § 25-9-201 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-201 - General effectiveness of security agreement.

 25-9-201. General effectiveness of security agreement.(a) General effectiveness. - Except as otherwise provided in this Chapter, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.(b) Applicable consumer laws and other law. - A transaction subject to this Article is subject to any applicable rule of law which establishes a different rule for consumers, to any other statute, rule, or regulation of this State that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit, and to any consumer-protection statute, rule, or regulation of this State, including Chapter 24 of the General Statutes, the Retail Installment Sales Act (Chapter 25A of the General Statutes), the North Carolina Consumer Finance Act (Article 15 of Chapter 53 of the General Statutes), and the Pawnbrokers and Cash Converters Modernization Act (Part 1 of Article 45 of Chapter 66 of the General Statutes).(c) Other applicable law controls. - In case of conflict between this Article and a rule of law, statute, or regulation described in subsection (b) of this section, the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) of this section has only the effect the statute or regulation specifies.(d) Further deference to other applicable law. - This Article does not:(1) Validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b) of this section; or(2) Extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.  (1961, c. 574; 1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1; 2011-325, s. 9; 2012-46, s. 24.)
NC Gen Stat § 25-9-202 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-202 - Title to collateral immaterial.

 25-9-202. Title to collateral immaterial.Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this Article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)
NC Gen Stat § 25-9-204 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-204 - After-acquired property; future advances.

 25-9-204. After-acquired property; future advances.(a) After-acquired collateral. - Except as otherwise provided in subsection (b) of this section, a security agreement may create or provide for a security interest in after-acquired collateral.(b) When after-acquired property clause not effective. - A security interest does not attach under a term constituting an after-acquired property clause to:(1) Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or(2) A commercial tort claim.(c) Future advances and other value. - A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with future advances or other value, whether or not the advances or value are given pursuant to commitment. (1866-7, c. 1, s. 1; 1872-3, c. 133, s. 1; Code, s. 1799; 1893, c. 9; Rev., s. 2052; C.S., s. 2480; 1925, c. 302, s. 1; 1927, c. 22; 1935, c. 205; 1945, c. 182, s. 2; c. 196, s. 1; 1955, c. 386, s. 1; c. 816; 1957, cc. 504, 999; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)
NC Gen Stat § 25-9-205 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-205 - Use or disposition of collateral permissible.

 25-9-205. Use or disposition of collateral permissible.(a) When security interest not invalid or fraudulent. - A security interest is not invalid or fraudulent against creditors solely because:(1) The debtor has the right or ability to:a. Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;b. Collect, compromise, enforce, or otherwise deal with collateral;c. Accept the return of collateral or make repossessions; ord. Use, commingle, or dispose of proceeds; or(2) The secured party fails to require the debtor to account for proceeds or replace collateral.(b) Requirements of possession not relaxed. - This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party. (1945, c. 196, s. 7; 1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)
NC Gen Stat § 25-9-206 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-206 - Security interest arising in purchase or delivery of financial asset.

 25-9-206. Security interest arising in purchase or delivery of financial asset.(a) Security interest when person buys through securities intermediary. - A security interest in favor of a securities intermediary attaches to a person's security entitlement if:(1) The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and(2) The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.(b) Security interest secures obligation to pay for financial asset. - The security interest described in subsection (a) of this section secures the person's obligation to pay for the financial asset.(c) Security interest in payment against delivery transaction. - A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:(1) The security or other financial asset:a. In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; andb. Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and(2) The agreement calls for delivery against payment.(d) Security interest secures obligation to pay for delivery. - The security interest described in subsection (c) of this section secures the obligation to make payment for the delivery. (1997-181, s. 6; 2000-169, s. 1.)
NC Gen Stat § 25-9-207 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-207 - Rights and duties of secured party having possession or control of collateral.

 25-9-207. Rights and duties of secured party having possession or control of collateral.(a) Duty of care when secured party in possession. - Except as otherwise provided in subsection (d) of this section, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.(b) Expenses, risks, duties, and rights when secured party in possession. - Except as otherwise provided in subsection (d) of this section, if a secured party has possession of collateral:(1) Reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and are secured by the collateral;(2) The risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage;(3) The secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and(4) The secured party may use or operate the collateral:a. For the purpose of preserving the collateral or its value;b. As permitted by an order of a court having competent jurisdiction; orc. Except in the case of consumer goods, in the manner and to the extent agreed by the debtor.(c) Rights and duties when secured party in possession or control. - Except as otherwise provided in subsection (d) of this section, a secured party having possession of collateral or control of collateral under G.S. 25-7-106, 25-9-104, 25-9-105, 25-9-106, or 25-9-107:(1) May hold as additional security any proceeds, except money or funds, received from the collateral;(2) Shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and(3) May create a security interest in the collateral.(d) Buyer of certain rights to payment. - If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor:(1) Subsection (a) of this section does not apply unless the secured party is entitled under an agreement:a. To charge back uncollected collateral; orb. Otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and(2) Subsections (b) and (c) of this section do not apply. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1; 2006-112, s. 46.)
NC Gen Stat § 25-9-209 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-209 - Duties of secured party if account debtor has been notified of assignment.

 25-9-209. Duties of secured party if account debtor has been notified of assignment.(a) Applicability of section. - Except as otherwise provided in subsection (c) of this section, this section applies if:(1) There is no outstanding secured obligation; and(2) The secured party is not committed to make advances, incur obligations, or otherwise give value.(b) Duties of secured party after receiving demand from debtor. - Within 10 days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under G.S. 25-9-406(a) an authenticated record that releases the account debtor from any further obligation to the secured party.(c) Inapplicability to sales. - This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible. (2000-169, s. 1.)
NC Gen Stat § 25-9-301 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-301 - Law governing perfection and priority of security interests.

 25-9-301. Law governing perfection and priority of security interests.Except as otherwise provided in G.S. 25-9-303 through G.S. 25-9-306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:(1) Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.(2) While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.(3) Except as otherwise provided in paragraph (4) of this section, while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:a. Perfection of a security interest in the goods by filing a fixture filing;b. Perfection of a security interest in timber to be cut; andc. The effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.(4) The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral. (1945, c. 196, s. 2; 1957, c. 564; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c. 862, s. 7; 1989 (Reg. Sess., 1990), c. 1024, s. 8(e), (f); 1997-181, s. 2; 1999-73, s. 4(a), (b); 2000-169, s. 1; 2006-112, s. 48.)
NC Gen Stat § 25-9-302 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-302 - Law governing perfection and priority of agricultural liens.

 25-9-302. Law governing perfection and priority of agricultural liens.While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products. (2000-169, s. 1.)
NC Gen Stat § 25-9-303 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-303 - Law governing perfection and priority of security interests in goods covered by a certificate of title.

 25-9-303. Law governing perfection and priority of security interests in goods covered by a certificate of title.(a) Applicability of section. - This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor.(b) When goods covered by certificate of title. - Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction.(c) Applicable law. - The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title. (1945, c. 196, s. 2; 1957, c. 564; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c. 862, s. 7; 1989 (Reg. Sess., 1990), c. 1024, s. 8(e), (f); 1997-181, s. 2; 1999-73, s. 4(a), (b); 2000-169, s. 1.)
NC Gen Stat § 25-9-304 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-304 - Law governing perfection and priority of security interests in deposit accounts.

 25-9-304. Law governing perfection and priority of security interests in deposit accounts.(a) Law of bank's jurisdiction governs. - The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank.(b) Bank's jurisdiction. - The following rules determine a bank's jurisdiction for purposes of this Part:(1) If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this Part, this Article, or this Chapter, that jurisdiction is the bank's jurisdiction.(2) If subdivision (1) of this subsection does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.(3) If neither subdivision (1) nor subdivision (2) of this subsection applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.(4) If none of subdivisions (1), (2), and (3) of this subsection applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.(5) If none of subdivisions (1), (2), (3), and (4) of this subsection applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located. (1945, c. 196, s. 2; 1957, c. 564; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c. 862, s. 7; 1989 (Reg. Sess., 1990), c. 1024, s. 8(e), (f); 1997-181, s. 2; 1999-73, s. 4(a), (b); 2000-169, s. 1.)
NC Gen Stat § 25-9-306 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-306 - Law governing perfection and priority of security interests in letter-of-credit rights.

 25-9-306. Law governing perfection and priority of security interests in letter-of-credit rights.(a) Governing law: issuer's or nominated person's jurisdiction. - Subject to subsection (c) of this section, the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a state.(b) Issuer's or nominated person's jurisdiction. - For purposes of this Part, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in G.S. 25-5-116.(c) When section not applicable. - This section does not apply to a security interest that is perfected only under G.S. 25-9-308(d). (1945, c. 196, s. 2; 1957, c. 564; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c. 862, s. 7; 1989 (Reg. Sess., 1990), c. 1024, s. 8(e), (f); 1997-181, s. 2; 1999-73, s. 4(a), (b); 2000-169, s. 1.)