NC General Statutes

N.C. Gen. Stat. § 25A-23 (2026)

Collateral taken by the seller

✓ current as of July 2026

Find cases: SyfertCases citing this section NCLEGncleg.gov (official) JustiaChapter 25A CornellLII Search CasesGoogle Scholar

(a) The seller in a consumer credit sale may take a security interest only in the following property of the buyer to secure the debt arising from the sale:

(1) The property sold,

(2) Property previously sold by the seller to the buyer and in which the seller has an existing security interest,

(3) Personal property to which the property sold is installed, if the amount financed is more than three hundred dollars ($300.00),

(4) Real property to which the property sold is affixed, if the amount financed is more than one thousand dollars ($1,000), and

(5) A self-propelled motor vehicle to which repairs are made, if the amount financed exceeds one hundred dollars ($100.00).

(6) Any property which is used for agricultural purposes, if the property sold is to be used in the operation of an agricultural business.

(b) A security interest taken in property other than that permitted in subsection (a) of this section shall be void and not enforceable.

(d) The provisions of G.S. 24-11(a), limiting the taking of a security interest in property under an open end credit or similar plan, shall not apply to revolving charge account contracts regulated by this Chapter; provided, however, the application of payments rule set out in G.S. 25A-27 shall apply to such contracts; provided further, that in any action initiated by the seller for the possession of such property, a judgment for the possession thereof shall be restricted to commercial units (as defined in G.S. 25-2-105(f)) for which the cash price was one hundred dollars ($100.00) or more. (1971, c. 796, s. 1; 1977, c. 508; c. 789, s. 1; 2025-25, s. 112.)

Notes of Decisions

Cited in 3 cases, 1977–1993 · leading case: Anderson v. Pamlico Chem. Co., Inc., 470 F. Supp. 12 (E.D.N.C. 1977).

Sort: Relevance Newest Treatment

Anderson v. Pamlico Chem. Co., Inc., 470 F. Supp. 12 (E.D.N.C. 1977). · cites it 7× “* * * N.C.G.S. § 25A-23 reads: § 25A-23. Collateral taken by the seller.”

In re Vandeusen, 147 B.R. 9 (E.D.N.C. 1992). · cites it 6× “G.S. 25A-23 sets forth the circumstances upon which a creditor can claim a security interest under RISA and provides in pertinent part as follows: “Section 25A-23.”

Sears, Roebuck & Co. v. Vandeusen, 155 B.R. 358 (E.D.N.C. 1993). · cites it 6× “The effect of this system is that each previously purchased item serves as collateral for all finance charges on later purchases, and this court cannot see how such a system can fall outside the boundaries of Section 25A-23(a)(2). . This holding is in accord with the unpublished…”

— N.C. Gen. Stat. § 25A-23(a)(2) — 1 case

Sears, Roebuck & Co. v. Vandeusen, 155 B.R. 358 (E.D.N.C. 1993). “The effect of this system is that each previously purchased item serves as collateral for all finance charges on later purchases, and this court cannot see how such a system can fall outside the boundaries of Section 25A-23(a)(2). . This holding is in accord with the unpublished…”

— N.C. Gen. Stat. § 25A-23(d) — 2 cases

In re Vandeusen, 147 B.R. 9 (E.D.N.C. 1992). “G.S. 25A-23 sets forth the circumstances upon which a creditor can claim a security interest under RISA and provides in pertinent part as follows: “Section 25A-23.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.