§ 41-09-125 — (9-703) Security interest perfected before effective date

North Dakota § 41-09-125

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

Text

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.
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.