reglab/housing_qa huggingface dataset:
NC Gen Stat § 25-9-619 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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;(3) That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and(4) The name and mailing address of the secured party, debtor, and transferee.(b) Effect of transfer statement. - A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:(1) Accept the transfer statement;(2) Promptly amend its records to reflect the transfer; and(3) If applicable, issue a new appropriate certificate of title in the name of the transferee.(c) Transfer not a disposition; no relief of secured party's duties. - A transfer of the record or legal title to collateral to a secured party under subsection (b) of this section or otherwise is not of itself a disposition of collateral under this Article and does not of itself relieve the secured party of its duties under this Article. (2000-169, s. 1.)
NC Gen Stat § 25-9-621 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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 acceptance, an authenticated notification of a claim of an interest in the collateral;(2) Any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:a. Identified the collateral;b. Was indexed under the debtor's name as of that date; andc. Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and(3) Any other secured party that, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in G.S. 25-9-311(a).(b) Proposal to be sent to secondary obligor in partial satisfaction. - A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a) of this section. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)
NC Gen Stat § 25-9-622 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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 the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and(4) Terminates any other subordinate interest.(b) Discharge of subordinate interest notwithstanding noncompliance. - A subordinate interest is discharged or terminated under subsection (a) of this section, even if the secured party fails to comply with this Article. (2000-169, s. 1.)
NC Gen Stat § 25-9-623 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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 described in G.S. 25-9-615(a)(1).(c) When redemption may occur. - A redemption may occur at any time before a secured party:(1) Has collected collateral under G.S. 25-9-607;(2) Has disposed of collateral or entered into a contract for its disposition under G.S. 25-9-610; or(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under G.S. 25-9-622. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)
NC Gen Stat § 25-9-624 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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 collateral under G.S. 25-9-620(e) only by an agreement to that effect entered into and authenticated after default.(c) Waiver of redemption right. - Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under G.S. 25-9-623 only by an agreement to that effect entered into and authenticated after default. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)
NC Gen Stat § 25-9-626 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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 not prove compliance with the provisions of this Part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.(2) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this Part.(3) Except as otherwise provided in G.S. 25-9-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this Part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:a. The proceeds of the collection, enforcement, disposition, or acceptance; orb. The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this Part relating to collection, enforcement, disposition, or acceptance.(4) For purposes of sub-subdivision (a)(3)b. of this section, the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum.(5) If a deficiency or surplus is calculated under G.S. 25-9-615(f), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.(b) Nonconsumer transactions; no inference. - The limitation of the rules in subsection (a) of this section to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches. (2000-169, s. 1.)
NC Gen Stat § 25-9-627 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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 not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.(b) Dispositions that are commercially reasonable. - A disposition of collateral is made in a commercially reasonable manner if the disposition is made:(1) In the usual manner on any recognized market;(2) At the price current in any recognized market at the time of the disposition; or(3) Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.(c) Approval by court or on behalf of creditors. - A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:(1) In a judicial proceeding;(2) By a bona fide creditors' committee;(3) By a representative of creditors; or(4) By an assignee for the benefit of creditors.(d) Approval under subsection (c) of this section not necessary; absence of approval has no effect. - Approval under subsection (c) of this section need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable. (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)
NC Gen Stat § 25-9-628 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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 party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this Article; and(2) The secured party's failure to comply with this Article does not affect the liability of the person for a deficiency.(b) Limitation of liability based on status as secured party. - A secured party is not liable because of its status as secured party:(1) To a person that is a debtor or obligor, unless the secured party knows:a. That the person is a debtor or obligor;b. The identity of the person; andc. How to communicate with the person; or(2) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:a. That the person is a debtor; andb. The identity of the person.(c) Limitation of liability if reasonable belief that transaction not a consumer-goods transaction or consumer transaction. - A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:(1) A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or(2) An obligor's representation concerning the purpose for which a secured obligation was incurred.(d) Limitation of liability for statutory damages. - A secured party is not liable to any person under G.S. 25-9-625(c)(2) for its failure to comply with G.S. 25-9-616.(e) Limitation of multiple liability for statutory damages. - A secured party is not liable under G.S. 25-9-625(c)(2) more than once with respect to any one secured obligation. (2000-169, s. 1.)
NC Gen Stat § 25-9-701 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-701 - Effective date.

 25-9-701. Effective date.This act takes effect on July 1, 2001. References in this Part to "this act" refer to PARTS I, II, and III of the session law by which this Part is added to Article 9 of Chapter 25 of the General Statutes. References in this Part to "former Article 9" are to Article 9 of Chapter 25 of the General Statutes as in effect immediately before July 1, 2001. (2000-169, s. 1.)
NC Gen Stat § 25-9-702 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-702 - Savings clause.

 25-9-702. Savings clause.(a) Pre-effective-date transactions or liens. - Except as otherwise provided in this Part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001.(b) Continuing validity. - Except as otherwise provided in subsection (c) of this section and G.S. 25-9-703 through G.S. 25-9-709:(1) Transactions and liens that were not governed by former Article 9, were validly entered into or created before July 1, 2001, and would be subject to this act if they had been entered into or created after July 1, 2001, and the rights, duties, and interests flowing from those transactions and liens remain valid after July 1, 2001; and(2) The transactions and liens described in subdivision (1) of this subsection may be terminated, completed, consummated, and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect.(c) Pre-effective-date proceedings. - This act does not affect an action, case, or proceeding commenced before July 1, 2001.(d) Special rule for certain governmental transactions. - Notwithstanding any other provision of this act, security interests that were excluded under former Article 9 pursuant to former G.S. 25-9-104(e) or as to which the filing requirements of former Article 9 did not apply pursuant to former G.S. 25-9-302(6), and which are effective prior to July 1, 2001, but for which the applicable requirements for creation, perfection, or enforceability under this act are not satisfied on July 1, 2001, shall nonetheless be treated as valid, enforceable, and perfected security interests under this act for the duration of those security interests. (2000-169, s. 1; 2001-218, s. 4.)
NC Gen Stat § 25-9-703 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 25-9-703 - Security interest perfected before effective date.

 25-9-703. Security interest perfected before effective date.(a) Continuing priority over lien creditor: perfection requirements satisfied. - A security interest that is enforceable immediately before July 1, 2001 and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, on July 1, 2001, the applicable requirements for enforceability and perfection under this act are satisfied without further action.(b) Continuing priority over lien creditor: perfection requirements not satisfied. - Except as otherwise provided in G.S. 25-9-705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied on July 1, 2001, the security interest:(1) Is a perfected security interest for one year after July 1, 2001;(2) Remains enforceable thereafter only if the security interest becomes enforceable under G.S. 25-9-203 before the year expires; and(3) Remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires. (2000-169, s. 1.)
NC Gen Stat § 25-9-704 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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 the security interest becomes enforceable under G.S. 25-9-203 on July 1, 2001 or within one year thereafter; and(3) Becomes perfected:a. Without further action, on July 1, 2001 if the applicable requirements for perfection under this act are satisfied before or at that time; orb. When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. (2000-169, s. 1.)
NC Gen Stat § 25-9-706 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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 financing statement in that office would be effective to perfect a security interest under this act;(2) The pre-effective-date financing statement was filed in an office in another state or another office in this State; and(3) The initial financing statement satisfies subsection (c) of this section.(b) Period of continued effectiveness. - The filing of an initial financing statement under subsection (a) of this section continues the effectiveness of the pre-effective-date financing statement:(1) If the initial financing statement is filed before July 1, 2001, for the period provided in G.S. 25-9-403 of former Article 9 with respect to a financing statement; and(2) If the initial financing statement is filed after July 1, 2001, for the period provided in G.S. 25-9-515 with respect to an initial financing statement.(c) Requirement for initial financing statement under subsection (a). - To be effective for purposes of subsection (a) of this section, an initial financing statement must:(1) Satisfy the requirements of Part 5 of this Article for an initial financing statement;(2) Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and(3) Indicate that the pre-effective-date financing statement remains effective. (2000-169, s. 1.)
NC Gen Stat § 25-9-707 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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 in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3 of this Article. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.(c) Method of amending: general rule. - Except as otherwise provided in subsection (d) of this section, if the law of this State governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after July 1, 2001 only if:(1) The pre-effective-date financing statement and an amendment are filed in the office specified in G.S. 25-9-501;(2) An amendment is filed in the office specified in G.S. 25-9-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies G.S. 25-9-706(c); or(3) An initial financing statement that provides the information as amended and satisfies G.S. 25-9-706(c) is filed in the office specified in G.S. 25-9-501.(d) Method of amending: continuation. - If the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under G.S. 25-9-705(d) and (f) or G.S. 25-9-706.(e) Method of amending: additional termination rule. - Whether or not the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this State may be terminated after July 1, 2001, by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies G.S. 25-9-706(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 of this Article as the office in which to file a financing statement. However, a termination statement shall not be filed under this section in the register of deeds office unless it is the office specified in G.S. 25-9-501.(f) No additional fee. - No separate fee shall be charged for the filing or indexing of a concurrently filed termination statement under subdivision (c)(2) of this section. (2000-169, s. 1; 2001-231, s. 6.)
NC Gen Stat § 25-9-708 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 9 - Secured Transactions.|§ 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 before July 1, 2001; orb. To perfect or continue the perfection of a security interest. (2000-169, s. 1.)