Re: Eureka!!!
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Posted by lawguy
(216.30.212.58) on April 09, 2003 at 16:31:01:
In Reply to: Eureka!!! posted by nc on April 09, 2003 at 16:19:00:
Yes, that sounds about right. Art. 2 governs the contract for sale. Art. 9 governs the security interest. A deficiency suit should generally be considered a suit on the contract for sale (because thats where the right to sue comes from, the sale), although it will be governed by provisions in Article 9. Since the right to sue arises from the contract for sale, the Article 2 SOL should apply. I think thats the reasoning the Maryland court applies the Art. 2 SOL. The main reason NC applied the general SOL instead of the Art. 2 SOL is due to a legislative comment to Article 9, which differs from the comments made by other states legislatures. Both the NC and the MD courts noticed this distinction.
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