§ 25-9-308. When security interest or agricultural lien is perfected; continuity of perfection. - North Carolina Statutes

SUBPART2. Perfection.

§ 25‑9‑308.  Whensecurity interest or agricultural lien is perfected; continuity of perfection.

(a)        Perfection ofsecurity interest. – Except as otherwise provided in this section and G.S. 25‑9‑309,a security interest is perfected if it has attached and all of the applicablerequirements for perfection in G.S. 25‑9‑310 through G.S. 25‑9‑316have been satisfied. A security interest is perfected when it attaches if theapplicable requirements are satisfied before the security interest attaches.

(b)        Perfection ofagricultural lien. – An agricultural lien is perfected if it has becomeeffective and all of the applicable requirements for perfection in G.S. 25‑9‑310have been satisfied. An agricultural lien is perfected when it becomes effectiveif the applicable requirements are satisfied before the agricultural lienbecomes effective.

(c)        Continuousperfection; perfection by different methods. – A security interest oragricultural lien is perfected continuously if it is originally perfected byone method under this Article and is later perfected by another method underthis Article, without an intermediate period when it was unperfected.

(d)        Supportingobligation. – Perfection of a security interest in collateral also perfects asecurity interest in a supporting obligation for the collateral.

(e)        Lien securing rightto payment. – Perfection of a security interest in a right to payment orperformance also perfects a security interest in a security interest, mortgage,or other lien on personal or real property securing the right.

(f)         Securityentitlement carried in securities account. – Perfection of a security interestin a securities account also perfects a security interest in the securityentitlements carried in the securities account.

(g)        Commodity contractcarried in commodity account. – Perfection of a security interest in acommodity account also perfects a security interest in the commodity contractscarried in the commodity account. (1997‑181, s. 5; 2000‑169,s. 1.)