State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_47 > GS_47-20_2

§47‑20.2.  Place of registration; personal property.

(a)        As used in thissection:

(1)        "Mortgage"includes a deed of trust and a conditional sales contract; unless subject tothe filing requirements of Article 9 of the Uniform Commercial Code (Chapter25) and duly filed pursuant thereto;

(2)        "Mortgagor"includes a grantor in a deed of trust and a conditional sales vendee.

(b)        To be validlyregistered pursuant to G.S. 47‑20, a mortgage of personal property mustbe registered as follows:

(1)        If the mortgagor isan individual:

a.         Who resides in thisState, the mortgage must be registered in the county where the mortgagorresides when the mortgage is executed.

b.         Who resides outsidethis State, the mortgage must be registered in each county in this State whereany of the tangible mortgaged property is located at the time the mortgage isexecuted, in order to be effective as to such property; and if any of themortgaged property consists of a chose in action which arises out of thebusiness transacted at a place of business operated by the mortgagor in thisState, then the mortgage must be registered in the county where such place ofbusiness is located.

(2)        If the mortgagor isa partnership, either limited or unlimited:

a.         Which has aprincipal place of business in this State, the mortgage must be registered inthe county where such place of business is located at the time the mortgage isexecuted.

b.         Which does not havea principal place of business in this State but has any place of business inthis State, the mortgage must be registered in every county in this State whereany such place of business is located at the time the mortgage is executed.Where such mortgage is registered in one or more of such counties but is notregistered in every county required under this subsection, it shall,nevertheless, be effective as to the property in every county in which it isregistered.

c.         Which has no placeof business in the State, the mortgage must be registered in every county inthis State where a partner resides at the time the mortgage is executed. Wheresuch mortgage is registered in one or more of such counties but is notregistered in every county required under this subsection, it shall,nevertheless, be effective as to the property in every county in which it is registered.

d.         Which has no placeof business in this State, and no partner residing in this State, the mortgagemust be registered in each county in this State where any of the mortgagedproperty is located when the mortgage is executed, in order to be effective asto the property in such county.

(3)        If the mortgagor isa domestic corporation:

a.         Which has aregistered office in this State, the mortgage must be registered in the countywhere such registered office is located when the mortgage is executed.

b.         Which having beenformed prior to July 1, 1957, has no such registered office but does have aprincipal office in this State as shown by its certificate of incorporation, oramendment thereto, or legislative charter, the mortgage must be registered in thecounty where the principal office is said to be located by such certificate ofincorporation, or amendment thereto, or legislative charter when the mortgageis executed.

(4)        If the mortgagor isa foreign corporation:

a.         Which has aregistered office in this State, the mortgage must be registered in the countywhere such registered office is located when the mortgage is executed.

b.         Which, having beendomesticated prior to July 1, 1957, has no such registered office in thisState, but does have a principal office in this State, the mortgage must beregistered in the county where the principal office is said to be located bythe statement filed with the Secretary of State in its application forpermission to do business in this State or other document filed with theSecretary of State showing the location of such principal office in this Statewhen the mortgage is executed.

c.         Which has not beendomesticated in this State, the mortgage must be registered in the same countyor counties as a mortgage executed by a nonresident individual.

(5)        If the personalproperty concerned is a vehicle required to be registered under the motorvehicle laws of the State of North Carolina, then the provisions of thissection shall not apply but the security interest arising from the deed oftrust, mortgage, conditional sales contract, or lease intended as security ofsuch vehicle may be perfected by recordation in accordance with the provisionsof G.S. 20‑58 through 20‑58.10. (1953, c. 1190, s. 2; 1957, c. 979, ss. 1, 2; 1961, c.835, s. 12; 1965, c. 700, s. 8.)