Shields v. Bobby Murray Chevrolet, Inc.

MORRIS, Chief Judge.

This appeal concerns the effect of a guaranty and repurchase agreement on a secured party’s right to dispose of collateral upon default under Article 9, Chapter 25 of the North Carolina General Statutes.

G.S. 25-9-503 provides that “[u]nless otherwise agreed a secured party has on default the right to take possession of the collateral.” Under G.S. 25-9-504, “[a] secured party after default may sell, lease, or otherwise dispose of any or all of the collateral. . . .” Furthermore, “[disposition of the collateral may be by public or private proceedings and may be made by way…