North Dakota § 41-09-45 (9-325) Priority of security interests in transferred collateral

North Dakota Statutes

§ 41-09-45 — (9-325) Priority of security interests in transferred collateral

North Dakota § 41-09-45

Title 41Uniform Commercial Code

Ch. 41-09Secured Transactions

This text of North Dakota § 41-09-45 ((9-325) Priority of security interests in transferred collateral) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-09-45 (2026).

Text

1.Except as otherwise provided in subsection 2, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

a.The debtor acquired the collateral subject to the security interest created by the other person;

b.The security interest created by the other person was perfected when the debtor acquired the collateral; and

c.There is no period thereafter when the security interest is unperfected.

2.Subsection 1 subordinates a security interest only if the security interest:

a.Otherwise would have priority solely under subsection 1 of section 41-09-42 or section 41-09-44; or

b.Arose solely under subsection 3 of section 41-02-90 or subsection 5 of section 41-02.1-56.

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1. Except as otherwise provided in subsection 2, a security interest created by a debtor is
subordinate to a security interest in the same collateral created by another person if:
a. The debtor acquired the collateral subject to the security interest created by the
other person;
b. The security interest created by the other person was perfected when the debtor
acquired the collateral; and
c. There is no period thereafter when the security interest is unperfected.
2. Subsection 1 subordinates a security interest only if the security interest:
a. Otherwise would have priority solely under subsection 1 of section 41-09-42 or
section 41-09-44; or
b. Arose solely under subsection 3 of section 41-02-90 or subsection 5 of section
41-02.1-56.