North Carolina General Statutes § 25-9-318 No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers

(a)        Seller retains no interest. - A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold.

(b)        Deemed rights of debtor if buyer's security interest unperfected. - For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold. (2000-169, s. 1.)

Sections:  Previous  25-9-311  25-9-312  25-9-313  25-9-314  25-9-315  25-9-316  25-9-317  25-9-318  25-9-319  25-9-320  25-9-321  25-9-322  25-9-323  25-9-324  25-9-324.1  Next

Last modified: March 23, 2014