§ 25-9-321. Licensee of general intangible and lessee of goods in ordinary course of business. - North Carolina Statutes

§25‑9‑321.  Licensee of general intangible and lessee of goods inordinary course of business.

(a)        "Licensee inordinary course of business". – In this section, "licensee inordinary course of business" means a person that becomes a licensee of ageneral intangible in good faith, without knowledge that the license violatesthe rights of another person in the general intangible, and in the ordinarycourse from a person in the business of licensing general intangibles of thatkind. A person becomes a licensee in the ordinary course if the license to theperson comports with the usual or customary practices in the kind of businessin which the licensor is engaged or with the licensor's own usual or customarypractices.

(b)        Rights of licenseein ordinary course of business. – A licensee in ordinary course of businesstakes its rights under a nonexclusive license free of a security interest inthe general intangible created by the licensor, even if the security interestis perfected and the licensee knows of its existence.

(c)        Rights of lessee inordinary course of business. – A lessee in ordinary course of business takesits leasehold interest free of a security interest in the goods created by thelessor, even if the security interest is perfected and the lessee knows of itsexistence. (1993, c. 463, s. 1; 2000‑169, s. 1.)