Regional Acceptance Corp. v. Powers

MARTIN, Justice.

Regional Acceptance Corporation (“RAC”) is a North Carolina corporation with its principal place of business in Greenville, North Carolina. It is in the business of making consumer loans to clients secured by promissory notes. On 26 April 1978, RAC entered into a Rediscount Financing Security Agreement (“Agreement”) with Walter E. Heller & Company (“Heller”). Pursuant to the Agreement, Heller advanced funds to RAC and RAC granted Heller a security interest in the promissory notes RAC received from its consumers.

In 1983, 1984 and 1985 RAC timely filed intangible personal…