§ 39-23.6. When transfer is made or obligation is incurred. - North Carolina Statutes

§39‑23.6.  When transfer is made or obligation is incurred.

For the purposes of thisArticle:

(1)        A transfer is made:

a.         With respect to anasset that is real property other than a fixture, but including the interest ofa seller or purchaser under a contract for the sale of the asset, when thetransfer is so far perfected that a good‑faith purchaser of the assetfrom the debtor against whom applicable law permits the transfer to beperfected cannot acquire an interest in the asset that is superior to the interestof the transferee; and

b.         With respect to anasset that is not real property or that is a fixture, when the transfer is sofar perfected that a creditor on a simple contract cannot acquire a judiciallien otherwise than under this Article that is superior to the interest of thetransferee.

(2)        If applicable lawpermits the transfer to be perfected as provided in subdivision (1) of thissection and the transfer is not so perfected before the commencement of anaction for relief under this Article, the transfer is deemed made immediatelybefore the commencement of the action.

(3)        If applicable lawdoes not permit the transfer to be perfected as provided in subdivision (1) ofthis section, the transfer is made when it becomes effective between the debtorand the transferee.

(4)        A transfer is notmade until the debtor has acquired rights in the asset transferred.

(5)        An obligation isincurred:

a.         If oral, when itbecomes effective between the parties; or

b.         If evidenced by awriting, when the writing executed by the obligor is delivered to or for thebenefit of the obligee. (1997‑291, s. 2.)