N.C. Gen. Stat. § 25-9-609

Secured party's right to take possession after default

Redline — June 1, 2021 → current.View current text →

Current — April 1, 2022

As of June 1, 2021

(1) Possession; rendering equipment unusable; disposition on debtor's premises. - After default, a secured party: May take possession of the collateral; and

(1) Possession; rendering equipment unusable; disposition on debtor’s premises. — After default, a secured party: 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.

(2) Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under G.S. 25-9-610.

(3) Judicial and nonjudicial process. - A secured party may proceed under subsection (a) of this section: Pursuant to judicial process; or

(3) Judicial and nonjudicial process. — A secured party may proceed under subsection (a) of this section: Pursuant to judicial process; or

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

(5) 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.

(5) 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.

History

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.