North Dakota Code 41-09-126 – (9-704) Security interest unperfected before effective date
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A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
Terms Used In North Dakota Code 41-09-126
- 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
1. Remains an enforceable security interest until July 1, 2002; 2. Remains enforceable thereafter if the security interest becomes enforceable under section 41-09-13 on July 1, 2001, or within one year thereafter; and
3. Becomes perfected:
a. Without further action, on July 1, 2001, if the applicable requirements for perfection under this chapter are satisfied before or at that time; or
b. When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.