North Dakota § 41-09-58 (9-338) Priority of security interest perfected by filed financing statement providing certain incorrect information

North Dakota Statutes

§ 41-09-58 — (9-338) Priority of security interest perfected by filed financing statement providing certain incorrect information

North Dakota § 41-09-58

Title 41Uniform Commercial Code

Ch. 41-09Secured Transactions

This text of North Dakota § 41-09-58 ((9-338) Priority of security interest perfected by filed financing statement providing certain incorrect information) 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 § 41-09-58 (2026).

Text

providing certain incorrect information. If a security interest is perfected by a filed financing statement providing information described in subdivision e of subsection 2 of section 41-09-87 which is incorrect at the time the financing statement is filed:

1.The security interest is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and

2.A purchaser, other than a secured party, of the collateral takes free of the security interest to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security cer

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providing certain incorrect information.
If a security interest is perfected by a filed financing statement providing information
described in subdivision e of subsection 2 of section 41-09-87 which is incorrect at the time the
financing statement is filed:

1. The security interest is subordinate to a conflicting perfected security interest in the
collateral to the extent that the holder of the conflicting security interest gives value in
reasonable reliance upon the incorrect information; and
2. A purchaser, other than a secured party, of the collateral takes free of the security
interest to the extent that, in reasonable reliance upon the incorrect information, the
purchaser gives value and, in the case of tangible chattel paper, tangible documents,
goods, instruments, or a security certificate, receives delivery of the collateral.