Item 1. Business.
The NationsCredit Grantor Trust 1996-1 (the "Trust") was formed pursuant to a Pooling and Servicing Agreement (the "Pooling and Servicing Agreement") dated as of January 31, 1996 among NationsCredit Securitization Corporation (the "Seller"), Banc of America Specialty Finance, Inc. (formerly known as NationsCredit Commercial Corporation of America), as Servicer (the "Servicer") and Bankers Trust Company, as trustee (the "Trustee"). The Trust's only business is to act as a passive trust to permit investment in a pool of retail installment sales contracts.
Item 2.
Item 2. Properties.
The assets of the Trust include a pool of marine retail installment sales contracts (the "Receivables"), the security interests in the collateral securing the Receivables and certain other property more specifically set forth in the Pooling and Servicing Agreement.
Item 3.
Item 3. Legal Proceedings.
There are no pending legal proceedings with respect to the Trustee involving the Trust, Bankers Trust Company, as Trustee, or Banc of America Specialty Finance, Inc., as Servicer.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
PART II Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
(a) Market Information. There is no established public trading market for the Certificates. (b) Holders. Since each of the Certificates was issued in book entry form only, there is only one holder of record of the Certificates. See Item 12 below. (c) Dividends. Not applicable.
Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
None.
PART III Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
The Certificates are represented by one or more certificates registered in the name of Cede & Co., the nominee of The Depository Trust Company ("DTC"). An investor holding an interest in the Trust is not entitled to receive a certificate representing such interest except in limited circumstances. Accordingly, Cede & Co. is the sole holder of record of the Certificates, which it holds on behalf of brokers, dealers, banks and other participants in the DTC system. Such participants may hold certificates for their own accounts or for the accounts of their customers. The address of Cede & Co. is Cede & Co. c/o The Depository Trust Company Attention: Proxy Department Seven Hanover Square New York, New York 10004
Item 13.
Item 13. Certain Relationships and Related Transactions.
None.
PART IV Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8K.
(a) 1. Not applicable. 2. Not applicable. 3. Exhibits: 99.1 Annual Statement as to Compliance 99.2 Report of Independent Accountants
(b) Reports on Form 8-K
NationsCredit Grantor Trust 1996-1 filed a Current Report on Form 8-K pursuant to Items 5 and 7 for the following monthly distribution dates during 2000, including the Servicer's Certificate for each due period provided to Bankers Trust Company, as Trustee.
Date of Reports on Form 8-K --------------------------- January 18, 2000 February 15, 2000 March 15, 2000 April 17, 2000 May 15, 2000 June 15, 2000 July 17, 2000 August 15, 2000 September 15, 2000 October 13, 2000 November 13, 2000 December 11, 2000
(c) The exhibits filed as a part of this report are listed in the Index to Exhibits on Page 5
(d) Not applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NATIONSCREDIT GRANTOR TRUST 1996 - 1 (Registrant)
By: Banc of America Specialty Finance, Inc. formerly NationsCredit Commercial Corporation of America, as Servicer of NationsCredit Grantor Trust 1996 - 1
Date: March 27, 2001 By /s/ CHRISTOPHER SPOENEMAN -- --------------------------- Name: Christopher Spoeneman Title: Senior Vice President
EXHIBIT INDEX
Exhibit Number Description of Exhibit 99.1 Annual Statement as to Compliance 99.2 Report of Independent Accountants