GENERAL ASSEMBLY OF NORTH CAROLINA
1991 SESSION
CHAPTER 164
AN ACT TO CHANGE THE REQUIREMENTS CONCERNING THE INDEXING AND FILING OF CERTAIN UCC STATEMENTS.
The General Assembly of North Carolina enacts:
Section 1. G.S. 25-9-403(4) reads as rewritten:
"(4) A filing officer shall mark each statement
with a file number and with the date and hour of filing and shall hold the
statement or a microfilm or other photographic copy thereof for public
inspection. In addition the filing officer shall index the statement according
to the name of the debtor and shall note in the index the file number and
the address of the debtor given in the statement."
Sec. 2. G.S. 25-9-404(1) reads as rewritten:
"(1) If a financing statement covering consumer goods
is filed on or after July 1, 1976, then within one month or within 10
30 days following written demand by the debtor after there is
no outstanding secured obligation and no commitment to make advances, incur
obligations or otherwise give value, the secured party must file with each
filing officer with whom the financing statement was filed a termination
statement to the effect that he no longer claims a security interest under the
financing statement, which shall be identified by file number and also by the
most current file number if any continuation was filed. In other cases
whenever there is no outstanding secured obligation and no commitment to make
advances, incur obligations or otherwise give value, the secured party must on
written demand by the debtor send the debtor, for each file with each filing
officer with whom the financing statement was filed, a termination statement to
the effect that he no longer claims a security interest under the financing
statement, which shall be identified by file number and also by the most
current file number if any continuation was filed. A termination statement
signed by a person other than the secured party of record must be accompanied
by a separate written statement of assignment signed by the secured party of
record and complying with subsection (2) of G.S. 25-9-405, including payment of
the required fee. If the affected secured party fails to file such a
termination statement as required by this subsection, or to send such a
termination statement subsection within 10 30 days, days
after proper demand therefor, he shall be liable to the debtor for one
hundred dollars ($100.00), and in addition for any loss caused to the debtor by
such failure."
Sec. 3. This act becomes effective October 1, 1991.
In the General Assembly read three times and ratified this the 29th day of May, 1991.
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James C. Gardner
President of the Senate
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Daniel Blue, Jr.
Speaker of the House of Representatives