N.C. Gen. Stat. § 25-9-609

Secured party's right to take possession after default

Known as the Uniform Commercial Code

The act spans §§ 25–25 (616 sections).

Applied in 1 court decision — leading case 149 N.C. App. 89 - Giles v. First Virginia Credit Services, Inc. (2002)

Most recently applied in 149 N.C. App. 89 - Giles v. First Virginia Credit Services, Inc. (March 2002)

1961, c. 574; 1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.

(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. - A secured party may proceed under subsection (a) of this section:

(1) Pursuant to judicial process; or

(2) Without judicial process, if it proceeds without breach of the peace.

(c) Assembly of collateral. - If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.

Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.