§ 41-09-117 — (9-622) Effect of acceptance of collateral

North Dakota § 41-09-117

• Jurisdiction: North Dakota
• Title 41: Uniform Commercial Code
• Ch. 41-09: Secured Transactions

Text

vvv. "Public organic record" means a record that is available to the public for
inspection and which is:
(1) A record consisting of the record initially filed with or issued by a state or the
United States to form or organize an organization and any record filed with
or issued by the state or the United States which amends or restates the
initial record;
(2) An organic record of a business trust consisting of the record initially filed
with a state and any record filed with the state which amends or restates the
initial record, if a statute of the state governing business trusts requires that
the record be filed with the state; or
(3) A record consisting of legislation enacted by the legislature of a state or the
Congress of the United States which forms or organizes an organization,
any record amending the legislation, and any record filed with or issued by
the state or United States which amends or restates the name of the
organization.
www. "Pursuant to commitment", with respect to an advance made or other value given
by a secured party, means pursuant to the secured party's obligation, regardless
of whether a subsequent event of default or other event not within the secured
party's control has relieved or may relieve the secured party from the secured
party's obligation.
xxx. "Record", except as used in "for record", "of record", "record or legal title", and
"record owner", means information that is inscribed on a tangible medium or
which is stored in an electronic or other medium and is retrievable in perceivable
form.
yyy. "Registered organization" means an organization formed or organized solely
under the law of a single state or the United States by the filing of a public organic
record with, the issuance of a public organic record by, or the enactment of
legislation by the state or United States. The term includes a business trust that is
formed or organized under the law of a single state if a statute of the state
governing business trusts requires that the business trust's organic record be
filed with the state.
zzz. "Secondary obligor" means an obligor to the extent that:
(1) The obligor's obligation is secondary; or
(2) The obligor has a right of recourse with respect to an obligation secured by
collateral against the debtor, another obligor, or property of either.
aaaa. "Secured party" means:
(1) A person in whose favor a security interest is created or provided for under a
security agreement, regardless of whether any obligation to be secured is
outstanding;
(2) A person that holds an agricultural lien;
(3) A consignor;

(4) A person to which accounts, chattel paper, payment intangibles, or
promissory notes have been sold;
(5) A trustee, indenture trustee, agent, collateral agent, or other representative
in whose favor a security interest or agricultural lien is created or provided
for; or
(6) A person that holds a security interest arising under section 41-02-46,
section 41-02-53, subsection 3 of section 41-02-90, subsection 5 of section
41-02.1-56, section 41-04-22, or section 41-05-18.
bbbb. "Security agreement" means an agreement that creates or provides for a security
interest.
cccc. "Software" means a computer program and any supporting information provided
in connection with a transaction relating to the program. The term does not
include a computer program that is included in the definition of goods.
dddd. "State" means a state of the United States, the District of Columbia, the
Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory
or insular possession subject to the jurisdiction of the United States.
eeee. "Supporting obligation" means a letter-of-credit right or secondary obligation that
supports the payment or performance of an account, chattel paper, a document, a
general intangible, an instrument, or investment property.
ffff. "Tangible money" means money in a tangible form.
gggg. "Termination statement" means an amendment of a financing statement which:
(1) Identifies, by the amendment's file number, the initial financing statement to
which it relates; and
(2) Indicates either that the amendment is a termination statement or that the
identified financing statement is no longer effective.
hhhh. "Transmitting utility" means a person primarily engaged in the business of:
(1) Operating a railroad, subway, street railway, or trolley bus;
(2) Transmitting communications electrically, electromagnetically, or by light;
(3) Transmitting goods by pipeline or sewer; or
(4) Transmitting or producing and transmitting electricity, steam, gas, or water.
iiii. "Uncertificated certificate of deposit" means an obligation of a bank to repay a
sum of money that it has received which is not represented by a certificate, but
only by an entry on the books of the bank and any documentation given to the
customer by the bank. The term does not include a deposit account.
2. "Control" as provided under section 41-07-06 and the following definitions in other
chapters apply to this chapter:
a. "Applicant". Section 41-05-02.
b. "Beneficiary". Section 41-05-02.
c. "Broker". Section 41-08-02.
d. "Certificated security". Section 41-08-02.
e. "Check". Section 41-03-04.
f. "Clearing corporation". Section 41-08-02.
g. "Contract for sale". Section 41-02-06.
h. "Controllable electronic record". Section 41-12-02.
i. "Customer". Section 41-04-04.
j. "Entitlement holder". Section 41-08-02.
k. "Financial asset". Section 41-08-02.
l. "Holder in due course". Section 41-03-28.
m. "Issuer" (with respect to a letter of credit or letter-of-credit right). Section
41-05-02.
n. "Issuer" (with respect to a security). Section 41-08-17.
o. "Issuer" (with respect to documents of title). Section 41-07-02.
p. "Lease". Section 41-02.1-03.
q. "Lease agreement". Section 41-02.1-03.
r. "Lease contract". Section 41-02.1-03.
s. "Leasehold interest". Section 41-02.1-03.

t. "Lessee". Section 41-02.1-03.
u. "Lessee in ordinary course of business". Section 41-02.1-03.
v. "Lessor". Section 41-02.1-03.
w. "Lessor's residual interest". Section 41-02.1-03.
x. "Letter of credit". Section 41-05-02.
y. "Merchant". Section 41-02-04.
z. "Negotiable instrument". Section 41-03-04.
aa. "Nominated person". Section 41-05-02.
bb. "Note". Section 41-03-04.
cc. "Proceeds of a letter of credit". Section 41-05-14.
dd. "Protected purchaser". Section 41-08-29.
ee. "Prove". Section 41-03-03.
ff. "Qualifying purchaser". Section 41-12-02.
gg. "Sale". Section 41-02-06.
hh. "Securities account". Section 41-08-41.
ii. "Securities intermediary". Section 41-08-02.
jj. "Security". Section 41-08-02.
kk. "Security certificate". Section 41-08-02.
ll. "Security entitlement". Section 41-08-02.
mm. "Uncertificated security". Section 41-08-02.
3. Chapter 41-01 contains general definitions and principles of construction and
interpretation applicable throughout this chapter.