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N.D. Cent. Code § 41-09-131

(9-709) Priority

Known as the Uniform Commercial Code

The act spans §§ 41–41 (597 sections).

1. This chapter determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, the former chapter 41-09 determines priority.

2. For purposes of subsection 1 of section 41-09-42, the priority of a security interest that becomes enforceable under section 41-09-13 dates from July 1, 2001, if the security interest is perfected under this chapter by the filing of a financing statement before July 1, 2001, which would not have been effective to perfect the security interest under the former chapter 41-09. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.

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.