Legal Opinion
Spector United Employees Credit Union v. Smith
Court of Appeals of North Carolina
Decided March 4, 1980No. 7921SC547PublishedCited by 22 opinions
1Opinion of the Court
WELLS, Judge.
This case presents the problem of interpreting the term “future advance” as it is used in Section 9-307(3) of the North Carolina Uniform Commercial Code. The term is nowhere defined in the Code. G.S. 25-9-307(3) provides:
A buyer other than a buyer in ordinary course of business (subsection (1) of this section) takes free of a security interest to the extent that it secures future advances made after the secured party acquires knowledge of the purchase, or more than 45 days after the purchase, which ever first occurs, unless made pursuant to a commitment entered into without…
2Cases cited9 opinions
- Hyman v. . Devereux and OthersSupreme Court of North Carolina · 1869
- Safe Deposit Bank and Trust Company v. Eugene B. Berman, Trustee, in the Matter of Fernandes Welding & Equipment Service, Inc., BankruptCourt of Appeals for the First Circuit · 1968
- Durham v. VineCourt of Appeals of North Carolina · 1979
- Mid-Eastern Electronics, Inc. v. First National Bank of Southern Maryland, GarnisheeCourt of Appeals for the First Circuit · 1970
- Lancaster v. StanfieldSupreme Court of North Carolina · 1926
4 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Charles R. Peterson, in No. 80-2662 v. Crown Financial Corporation, a Corporation, in No. 80-2663Court of Appeals for the Third Circuit · 1981
- Sauls v. Charlotte Liberty Mutual InsuranceCourt of Appeals of North Carolina · 1983
- Byrd Motor Lines, Inc. v. Dunlop Tire & Rubber Corp.Court of Appeals of North Carolina · 1983
- Wilson Brothers v. Mobil OilCourt of Appeals of North Carolina · 1983
- Inwood National Bank v. Wells Fargo Bank, N.A. as Trustee and U.S. Trust Bank, Bank of America Private Wealth Management, Texas Court of Appeals, 5th District (Dallas)2015
17 more not listed; retrieve them via the Exa API.