North Carolina General Statutes 25-2A-307. Priority of liens arising by attachment or levy on, security interests in, and other claims to goods
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Terms Used In North Carolina General Statutes 25-2A-307
- Contract: A legal written agreement that becomes binding when signed.
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (N. See North Carolina General Statutes 25-2A-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See North Carolina General Statutes 25-2A-103
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this Article and any other applicable rules of law. See North Carolina General Statutes 25-2A-103
- Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See North Carolina General Statutes 25-2A-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See North Carolina General Statutes 25-2A-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See North Carolina General Statutes 25-2A-103
(1) Except as otherwise provided in N.C. Gen. Stat. § 25-2A-306, a creditor of a lessee takes subject to the lease contract.
(2) Except as otherwise provided in subsection (3) of this section and in N.C. Gen. Stat. § 25-2A-306 and N.C. Gen. Stat. § 25-2A-308, a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable.
(3) Except as otherwise provided in N.C. Gen. Stat. § 25-9-317, 25-9-321, and 25-9-323, a lessee takes a leasehold interest subject to a security interest held by a creditor of the lessor. (1993, c. 463, s. 1; 2000-169, s. 15.)