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N.D. Cent. Code § 41-09-47

(9-327) Priority of security interests in deposit account and uncertificated certificate of deposit

Known as the Uniform Commercial Code

The act spans §§ 41-01-01 to 41-12-07 (597 sections).

The following rules govern priority among conflicting security interests in the same deposit account or uncertificated certificate of deposit:

1. A security interest held by a secured party having control of the deposit account or uncertificated certificate of deposit under section 41-09-04 has priority over a conflicting security interest held by a secured party that does not have control.

2. Except as otherwise provided in subsections 3 and 4, security interests perfected by control under section 41-09-34 rank according to priority in time of obtaining control.

3. Except as otherwise provided in subsection 4, a security interest held by the bank with which the deposit account or uncertificated certificate of deposit is maintained has priority over a conflicting security interest held by another secured party.

4. A security interest perfected by control under subdivision c of subsection 1 of section 41-09-04 has priority over a security interest held by the bank with which the deposit account or uncertificated certificate of deposit is maintained.

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.