North Dakota Code 41-09-47 – (9-327) Priority of security interests in deposit account and uncertificated certificate of deposit
The following rules govern priority among conflicting security interests in the same deposit account or uncertificated certificate of deposit:
Terms Used In North Dakota Code 41-09-47
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
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.