Debtor is obligated to pay the secured party attorneys fees. In consideration of the indebtedness, debtor conveys and warrants to trustee certain property described in the land deed of trust.
Security Debt Shall With Example In North Carolina
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US-00181
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Creditor Rights The right to sue the borrower for the amount owed. The right to seize the borrower's property if the debt is secured. The right to report the debt to credit reporting agencies. The right to hire a collection agency to collect the debt.
Under new section 9-203(b) a security interest is enforceable, and hence attaches, when (1) the creditor has given value; (2) the debtor has rights in the collateral or the power to transfer an interest in the collateral and (3) one of the specific conditions stated in new section 9-203(b)(3) has been met.
However, generally speaking, the primary ways for a secured party to perfect a security interest are: by filing a financing statement with the appropriate public office. by possessing the collateral. by "controlling" the collateral; or. it's done automatically when the security interest attaches.
Secured creditors have other rights in bankruptcy, including the right to receive postpetition interest, fees, costs, and charges and to receive adequate protection for any decrease in the value of their interest in the collateral resulting from any use, sale, lease, or grant of a lien.
A lien is a security interest or legal claim against property that is used as collateral to satisfy a debt. In other words, liens enable creditors to assert their rights over property.
A security interest generally is created with a security agreement, which is a contract governed by Uniform Commercial Code (UCC) Article 9, as well as other state laws governing contracts.
Collateral- Property pledged as security for a debt. For example, real estate pledged as security for a mortgage.
North Carolina interest rate laws set the maximum rate at 8 percent, but explicitly allow consumers and creditors to "contract for a higher rate." State law also exempts mortgage loans, equity lines of credit, and some other types of credit from the statutory limit.
Debt collectors are allowed to contact you: In person, by mail, by telephone and by fax about the bills you owe. At home, between the hours of 8 a.m. and 9 p.m. At work. It is legal for debt collectors to contact you on the job unless they have a telephone number to reach you during non-working hours.