N.D. Cent. Code § 41-09-10
(9-110) Security interests arising under chapter 41-02 or 41-02.1
Redline — December 1, 2021 → current.View current text →
Current — January 1, 2022
As of December 1, 2021
A security interest arising under section 41-02-46, section 41-02-53, subsection 3 of section 41-02-90, or subsection 5 of section 41-02.1-56 is subject to this chapter. However, until the debtor obtains possession of the goods:
A security interest arising under section 41-02-46, section 41-02-53, subsection 3 of section 41-02-90, or subsection 5 of section 41-02.1-56 is subject to this chapter. However, until the debtor obtains possession of the goods:
(1) The security interest is enforceable, even if subdivision c of subsection 2 of section 41-09-13 has not been satisfied;
(1) The security interest is enforceable, even if subdivision c of subsection 2 of section 41-09-13 has not been satisfied;
(2) Filing is not required to perfect the security interest;
(2) Filing is not required to perfect the security interest;
(3) The rights of the secured party after default by the debtor are governed by chapter 41-02 or 41-02.1; and
(3) The rights of the secured party after default by the debtor are governed by chapter 41-02 or 41-02.1; and
(4) The security interest has priority over a conflicting security interest created by the debtor.
(4) The security interest has priority over a conflicting security interest created by the debtor.
(5) Relationship to Other Rights and Remedies Under Articles 2 and 2A. This Article does not specifically address the conflict between (i) a security interest created by a buyer or lessee and (ii) the seller’s or lessor’s right to withhold delivery under Section 2-702(1), 2-703(a), or 2A-525, the seller’s or lessor’s right to stop delivery under Section 2-705 or 2A-526, or the seller’s right to reclaim under Section 2-507(2) or 2-702(2). These conflicts are governed by the first sentence of Section 2-403(1), under which the buyer’s secured party obtains no greater rights in the goods than the buyer had or had power to convey, or Section 2A-307(1), under which creditors of the lessee take subject to the lease contract.
Official source: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.