§ 25-12-102.  Definitions.

(a) Article 12 Definitions. - In this Article, the following definitions apply:

(1) Account debtor. - Defined in G.S. 25-9-102.

(2) Chattel paper. - Defined in G.S. 25-9-102.

(3) Controllable account. - Defined in G.S. 25-9-102.

(4) Controllable electronic record. - A record stored in an electronic medium that can be subjected to control under G.S. 25-12-105. The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, electronic money, investment property, or a transferable record.

(5) Controllable payment intangible. - Defined in G.S. 25-9-102.

(6) Deposit account. - Defined in G.S. 25-9-102.

(7) Electronic money. - Defined in G.S. 25-9-102.

(8) Investment property. - Defined in G.S. 25-9-102.

(9) Qualifying purchaser. - A purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record.

(10) Transferable record. - Has the meaning provided for that term in either of the following:

a. Section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7021(a)(1).

b. G.S. 66-326(a).

(11) Value. - Has the meaning provided in G.S. 25-3-303(a), as if references in that subsection to an "instrument" were references to a controllable account, controllable electronic record, or controllable payment intangible.

(b) Article 1 Definitions and Principles. - Article 1 of this Chapter contains general definitions and principles of construction and interpretation applicable throughout this Article.  (2025-25, s. 57.)