North Dakota Code 41-09-28 – (9-308) When security interest or agricultural lien is perfected – Continuity of perfection
1. Except as otherwise provided in this section and section 41-09-29, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 41-09-30 through 41-09-36 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.
Terms Used In North Dakota Code 41-09-28
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in section 41-09-30 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.
3. A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this chapter and is later perfected by another method under this chapter, without an intermediate period when it was unperfected.
4. Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.
5. Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.
6. Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
7. Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.