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SHIELDS v. BOBBY MURRAY CHEVROLET, INC.

No. 7910DC54.

261 S.E.2d 238 (1980)

44 N.C. App. 427

Dorothy Hyler SHIELDS, On Behalf of Herself and All Other Persons Similarly Situated, v. BOBBY MURRAY CHEVROLET, INC.

Court of Appeals of North Carolina.

January 8, 1980.

Attorney(s) appearing for the Case

Wake-Johnston-Harnett Legal Services, Inc., by Leonard G. Green, Smithfield, and Marcia L. Stein, Raleigh, for plaintiff appellant.

Gulley, Barrow & Boxley, by Jack P. Gulley, Raleigh, for defendant appellee.

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...

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