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Session Laws - 1997 CHAPTER 181
bailee receives notification of the secured party's interest. A security interest
is perfected by possession from the time possession is taken without relation
back and continues only so long as possession is retained, unless otherwise
specified in this article. The security interest may be otherwise perfected as
provided in this article before or after the period of possession by the
secured party.
"
Section 12. G.S. 25-9-306(1) reads as rewritten:
"(1) 'Proceeds' includes whatever is received upon the sale, exchange,
collection or other disposition of collateral or proceeds. Insurance payable
by reason of loss or damage to the collateral is proceeds, except to the extent
that it is payable to a person other than a party to the security agreement.
Any payments or distributions made with respect to investment property
collateral are proceeds. Money, checks, deposit accounts, and the like are
'cash proceeds.' All other proceeds are 'noncash proceeds.'"
Section 13. G.S. 25-9-306(3) reads as rewritten:
"(3) The security interest in proceeds is a continuously perfected security
interest if the interest in the original collateral was perfected but it ceases to
be a perfected security interest and becomes unperfected 10 days after
receipt of the proceeds by the debtor unless
(a) a filed financing statement covers the original collateral and the
proceeds are collateral in which a security interest may be
perfected by filing in the office or offices where the financing
statement has been filed and, if the proceeds are acquired with
cash proceeds, the description of collateral in the financing
statement indicates the types of property constituting the proceeds;
or
(b) a filed financing statement covers the original collateral and the
proceeds are identifiable cash proceeds; et
(c) the original collateral was investment property and the proceeds
are identifiable cash proceeds; or
{$($1 the security interest in the proceeds is perfected before the
expiration of the 10-day period.
Except as provided in this section, a security interest in proceeds can be
perfected only by the methods or under the circumstances permitted in this
article for original collateral of the same type."
Section 14. G.S. 25-9-309 reads as rewritten:
" § 25-9-309. Protection of purchasers of instruments, documents documents,
and securities.
Nothing in this article limits the rights of a holder in due course of a
negotiable instrument (G.S. 25-3-302) or a holder to whom a negotiable
document of title has been duly negotiated (G.S. 25-7-501) or a bona fide
protected purchaser of a security (G. S . 25-8-302) (G.S. 25-8-303) and such
holders or purchasers take priority over an earlier security interest even
though perfected. Filing under this article does not constitute notice of the
security interest to such holders or purchasers."
Section 15. G.S. 25-9-312(1) reads as rewritten:
"(1) The rules of priority stated in other sections of this part and in the
following sections shall govern when applicable: G.S. 25-4-208 with respect
to the security interests of collecting banks in items being collected,
359
Object Description
Description
| Title | Page 413 |
| Full Text | Session Laws - 1997 CHAPTER 181 bailee receives notification of the secured party's interest. A security interest is perfected by possession from the time possession is taken without relation back and continues only so long as possession is retained, unless otherwise specified in this article. The security interest may be otherwise perfected as provided in this article before or after the period of possession by the secured party. " Section 12. G.S. 25-9-306(1) reads as rewritten: "(1) 'Proceeds' includes whatever is received upon the sale, exchange, collection or other disposition of collateral or proceeds. Insurance payable by reason of loss or damage to the collateral is proceeds, except to the extent that it is payable to a person other than a party to the security agreement. Any payments or distributions made with respect to investment property collateral are proceeds. Money, checks, deposit accounts, and the like are 'cash proceeds.' All other proceeds are 'noncash proceeds.'" Section 13. G.S. 25-9-306(3) reads as rewritten: "(3) The security interest in proceeds is a continuously perfected security interest if the interest in the original collateral was perfected but it ceases to be a perfected security interest and becomes unperfected 10 days after receipt of the proceeds by the debtor unless (a) a filed financing statement covers the original collateral and the proceeds are collateral in which a security interest may be perfected by filing in the office or offices where the financing statement has been filed and, if the proceeds are acquired with cash proceeds, the description of collateral in the financing statement indicates the types of property constituting the proceeds; or (b) a filed financing statement covers the original collateral and the proceeds are identifiable cash proceeds; et (c) the original collateral was investment property and the proceeds are identifiable cash proceeds; or {$($1 the security interest in the proceeds is perfected before the expiration of the 10-day period. Except as provided in this section, a security interest in proceeds can be perfected only by the methods or under the circumstances permitted in this article for original collateral of the same type." Section 14. G.S. 25-9-309 reads as rewritten: " § 25-9-309. Protection of purchasers of instruments, documents documents, and securities. Nothing in this article limits the rights of a holder in due course of a negotiable instrument (G.S. 25-3-302) or a holder to whom a negotiable document of title has been duly negotiated (G.S. 25-7-501) or a bona fide protected purchaser of a security (G. S . 25-8-302) (G.S. 25-8-303) and such holders or purchasers take priority over an earlier security interest even though perfected. Filing under this article does not constitute notice of the security interest to such holders or purchasers." Section 15. G.S. 25-9-312(1) reads as rewritten: "(1) The rules of priority stated in other sections of this part and in the following sections shall govern when applicable: G.S. 25-4-208 with respect to the security interests of collecting banks in items being collected, 359 |
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