NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 145

HOUSE BILL 16

 

 

AN ACT TO AMEND G.S. 20-58, 20-58.1, and 20-58.5 RELATING TO SECURITY INTERESTS IN MOTOR VEHICLES.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 20-58(2) is hereby rewritten to read as follows:

"(2)      If the vehicle is registered in this State, the application for notation of a security interest shall be in the form prescribed by the Division, signed by the debtor, and contain the date of application of each security interest, and name and address of the secured party from whom information concerning the security interest may be obtained. The application must be accompanied by the existing certificate of title unless in the possession of a prior secured party. If there is an existing certificate of title issued by this or any other jurisdiction in the possession of a prior secured party, the application for notation of the security interest shall in addition contain the name and address of such prior secured party."

Sec. 2.  G.S. 20-58(3) is amended by adding the following sentence at the end thereof:

"The security interest perfected herein shall be subject to the provisions set forth in G.S. 20‑58.5."

Sec. 3.  G.S. 20-58.1(a) is hereby amended by striking the following words and punctuation: "the amount of each security interest,".

Sec. 4.  G.S. 20-58.5 is hereby rewritten to read as follows:

"§ 20-58.5.  Duration of security interest in favor of corporations which dissolve or become inactive. — Any security interest recorded in favor of a corporation which, since the recording of such security interest, has dissolved or become inactive for any reason, and which remains of record as a security interest of such corporation for a period of more than three years from the date of such dissolution or becoming inactive, shall become null and void and of no further force and effect."

Sec. 5.  This act shall become effective on July 1, 1979.

In the General Assembly read three times and ratified, this the 15th day of March, 1979.