§ 25A-23. Collateral taken by the seller.
§25A‑23. Collateral taken by the seller.
(a)Â Â Â Â Â Â Â The seller in aconsumer credit sale may take a security interest only in the followingproperty of the buyer to secure the debt arising from the sale:
(1)Â Â Â Â Â Â Â The property sold,
(2)Â Â Â Â Â Â Â Property previouslysold by the seller to the buyer and in which the seller has an existingsecurity interest,
(3)Â Â Â Â Â Â Â Personal property towhich the property sold is installed, if the amount financed is more than threehundred dollars ($300.00),
(4)Â Â Â Â Â Â Â Real property towhich the property sold is affixed, if the amount financed is more than onethousand dollars ($1,000), and
(5)Â Â Â Â Â Â Â A self‑propelledmotor vehicle to which repairs are made, if the amount financed exceeds onehundred dollars ($100.00).
(6)       Any property whichis used for agricultural purposes, if the property sold is to be used in theoperation of an agricultural business.
(b)Â Â Â Â Â Â Â A security interesttaken in property other than that permitted in subsection (a) of this sectionshall be void and not enforceable.
(c)Â Â Â Â Â Â Â Nothing in thissection shall affect any right or liens granted by Chapter 44A of the GeneralStatutes.
(d)Â Â Â Â Â Â Â The provisions ofG.S. 24‑11(a), limiting the taking of a security interest in propertyunder an open end credit or similar plan, shall not apply to revolving chargeaccount contracts regulated by this Chapter; provided, however, the applicationof 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 possessionof such property, a judgment for the possession thereof shall be restricted tocommercial units (as defined in G.S. 25‑2‑105(6)) for which thecash price was one hundred dollars ($100.00) or more. (1971,c. 796, s. 1; 1977, c. 508; c. 789, s. 1.)