North Dakota § 41-09-126 (9-704) Security interest unperfected before effective date

North Dakota Statutes

§ 41-09-126 — (9-704) Security interest unperfected before effective date

North Dakota·Title 41 Uniform Commercial Code·Ch. 41-09 Secured Transactions

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:

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.

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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:
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.

North Dakota § 41-09-126 ((9-704) Security interest unperfected before effective date) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.