North Carolina Assignment of Seller's Interest in Security Agreement is a legal document used in commercial transactions to transfer or assign the rights and interests of a seller in a security agreement to another party. This assignment allows the assignee to assume the rights, benefits, and obligations of the seller under the security agreement. Keywords: North Carolina, assignment, seller's interest, security agreement, commercial transactions, transfer, assignee, rights, benefits, obligations. There are several types of North Carolina Assignment of Seller's Interest in Security Agreement, including: 1. Absolute Assignment: This type of assignment transfers all the rights and interests of the seller to the assignee without any conditions or limitations. The assignee assumes full control and responsibility for the security agreement. 2. Conditional Assignment: In a conditional assignment, the transfer of the seller's interest is subject to certain conditions or criteria. These conditions may include performance-based milestones, payment obligations, or other requirements agreed upon by the parties involved. 3. Partial Assignment: A partial assignment allows the seller to transfer only a portion of their interest in the security agreement to the assignee. This type of assignment is commonly used when the seller wants to retain some control over the security agreement while sharing the benefits or risks with the assignee. 4. Revocable Assignment: A revocable assignment allows the seller to transfer their interest in the security agreement but gives them the option to revoke or cancel the assignment at a later date. This type of assignment provides flexibility to the seller if circumstances change. 5. Non-Recourse Assignment: In a non-recourse assignment, the assignee assumes the seller's interest in the security agreement without any personal liability. This means that if the security agreement defaults, the assignee can only seek recourse from the collateral and has no claim against the seller's personal assets. These different types of assignments offer flexibility and options for buyers and sellers in commercial transactions, allowing them to tailor the terms of the assignment to their specific needs and preferences. It is important to consult with legal professionals and ensure compliance with North Carolina laws and regulations when executing an assignment of seller's interest in a security agreement.
North Carolina Assignment of Seller's Interest in Security Agreement
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Fixture Lapse Dates The lapse date of a record that perfects a security interest in fixtures should be easy for the secured party to determine. The lapse date, if any, is determined by the type of record involved. Under Section 9?515(a), a filed financing statement is effective for five years after the date of filing. Understanding UCC Security Interests in Fixtures - CSC Blog CSC Blog ? understanding-ucc-securit... CSC Blog ? understanding-ucc-securit...
To perfect a security interest in fixtures, a fixture financing statement must be recorded with the county recorder's office and include a description of the real property where the fixture will be located. The Basics of Fixture Filings - Gislason & Hunter Attorneys At ... gislason.com ? Insights gislason.com ? Insights
At a minimum, a valid security agreement consists of a description of the collateral, a statement of the intention of providing security interest, and signatures from all parties involved. Most security agreements, however, go beyond these basic requirements.
Uniform Commercial Code § 25-9-334. Priority of security interests in fixtures and crops.
Accounts Receivable Therefore, most lenders perfect a security interest in receivables by filing a financing statement. It is not necessary to file a financing statement, however, for a security interest in an account receivable that is not ?a significant part of the outstanding accounts? of the debtor.
If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person to secure payment and performance of an Account in an amount in excess of $250,000, such Grantor shall promptly assign such security interest to the Collateral Agent for the benefit of the Secured Parties.
Article 9 provides special rules for perfecting security interests in fixtures. In general, a security interest in goods is perfected by filing a financing agreement with the Secretary of State for the state where the collateral is located. The Definition of Fixture in Article 9 of the U.C.C. case.edu ? cgi ? viewcontent case.edu ? cgi ? viewcontent