{"data":{"id":"us-nc/n.c.-gen.-stat.-25-9-315","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 25-9-315","heading":"Secured party's rights on disposition of collateral and in proceeds.","body":"(a)\tDisposition of collateral: continuation of security interest or agricultural lien; proceeds. - Except as otherwise provided in this Article and in G.S. 25-2-403(b):\n(1)\tA security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and\n(2)\tA security interest attaches to any identifiable proceeds of collateral.\n(b)\tWhen commingled proceeds identifiable. - Proceeds that are commingled with other property are identifiable proceeds:\n(1)\tIf the proceeds are goods, to the extent provided by G.S. 25-9-336; and\n(2)\tIf the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this Article with respect to commingled property of the type involved.\n(c)\tPerfection of security interest in proceeds. - A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.\n(d)\tContinuation of perfection. - A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless:\n(1)\tThe following conditions are satisfied:\na.\tA filed financing statement covers the original collateral;\nb.\tThe proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and\nc.\tThe proceeds are not acquired with cash proceeds;\n(2)\tThe proceeds are identifiable cash proceeds; or\n(3)\tThe security interest in the proceeds is perfected other than under subsection (c) of this section when the security interest attaches to the proceeds or within 20 days thereafter.\n(e)\tWhen perfected security interest in proceeds becomes unperfected. - If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subdivision (d)(1) of this section becomes unperfected at the later of:\n(1)\tWhen the effectiveness of the filed financing statement lapses under G.S. 25-9-515 or is terminated under G.S. 25-9-513; or\n(2)\tThe twenty-first day after the security interest attaches to the proceeds. (1945, c. 196, s. 8; 1961, c. 574; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c. 862, s. 7; 1997-181, ss. 12, 13; 2000-169, s. 1; 2025-25, s. 112.)","path":["Chapter 25. Uniform Commercial Code.","Article 9. Secured Transactions.","Part 3. Perfection and Priority."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_25/GS_25-9-315.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T17:58:47Z","sha256":"38b68b8f7747ad0c3d11bc0b38327a014e87328ffc89ec29f9a06ed95fa0f7ea","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-25-9-314.1","next":"us-nc/n.c.-gen.-stat.-25-9-316"},"notice":"GroundRules: Original legal text. Not legal advice."}