North Dakota Code 41-09-133 – (9-803) Security interest perfected before effective date
1. A security interest that is a perfected security interest immediately before this Act takes effect is a perfected security interest under this chapter as amended by this Act if, when this Act takes effect, the applicable requirements for attachment and perfection under this chapter as amended by this Act are satisfied without further action.
Terms Used In North Dakota Code 41-09-133
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- year: means twelve consecutive months. See North Dakota Code 1-01-33
2. Except as otherwise provided in section 41-09-135, if, immediately before this Act takes effect, a security interest is a perfected security interest, but the applicable requirements for perfection under this chapter as amended by this Act are not satisfied when this Act takes effect, the security interest remains perfected thereafter only if the applicable requirements for perfection under this chapter as amended by this Act are satisfied within one year after this Act takes effect.