N.D. Cent. Code § 41-09-125
(9-703) Security interest perfected before effective date
Redline — December 1, 2021 → current.View current text →
Current — January 1, 2022
As of December 1, 2021
(1) A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this chapter if, on July 1, 2001, the applicable requirements for enforceability and perfection under this chapter are satisfied without further action.
(1) A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this chapter if, on July 1, 2001, the applicable requirements for enforceability and perfection under this chapter are satisfied without further action.
(2) Except as otherwise provided in section 41-09-127, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this chapter are not satisfied on July 1, 2001, the security interest: Is a perfected security interest for one year after this chapter takes effect;
(2) Except as otherwise provided in section 41-09-127, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this chapter are not satisfied on July 1, 2001, the security interest: Is a perfected security interest for one year after this chapter takes effect;
(3) Remains enforceable thereafter only if the security interest becomes enforceable under section 41-09-13 before the year expires; and
(3) Remains enforceable thereafter only if the security interest becomes enforceable under section 41-09-13 before the year expires; and
(4) Remains perfected thereafter only if the applicable requirements for perfection under this chapter are satisfied before the year expires.
(4) Remains perfected thereafter only if the applicable requirements for perfection under this chapter are satisfied before the year expires.
(5) Interpretation of Pre-Effective-Date Security Agreements. Section 9-102 defines “security agreement” as “an agreement that creates or provides for a security interest.” Under Section 1-201(3), an “agreement” is a “bargain of the parties in fact.” If parties to a pre-effective-date security agreement describe the collateral by using a term defined in former Article 9 in one way and defined in this Article in another way, in most cases it should be presumed that the bargain of the parties contemplated the meaning of the term under former Article 9.
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.