North Dakota Code 41-09-125 – (9-703) Security interest perfected before effective date
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.
Terms Used In North Dakota Code 41-09-125
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- year: means twelve consecutive months. See North Dakota Code 1-01-33
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:
a. Is a perfected security interest for one year after this chapter takes effect; b. Remains enforceable thereafter only if the security interest becomes enforceable under section 41-09-13 before the year expires; and
c. Remains perfected thereafter only if the applicable requirements for perfection under this chapter are satisfied before the year expires.