North Dakota § 41-11-05 (A-302) Security interest perfected before effective date

North Dakota Statutes

§ 41-11-05 — (A-302) Security interest perfected before effective date

North Dakota·Title 41 Uniform Commercial Code·Ch. 41-11 Transitional Provisions for Uniform Commercial Code Amendments (2022)

1.A security interest that is enforceable and perfected immediately before August 1, 2023, is a perfected security interest under this Act if, on August 1, 2023, the requirements for enforceability and perfection under this Act are satisfied without further action.

2.If a security interest is enforceable and perfected immediately before August 1, 2023, but the requirements for enforceability or perfection under this Act are not satisfied on August 1, 2023, the security interest:

a.Is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before August 1, 2023, or the adjustment date;

b.Remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under section 41-09-13, a

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1. A security interest that is enforceable and perfected immediately before August 1,
2023, is a perfected security interest under this Act if, on August 1, 2023, the
requirements for enforceability and perfection under this Act are satisfied without
further action.
2. If a security interest is enforceable and perfected immediately before August 1, 2023,
but the requirements for enforceability or perfection under this Act are not satisfied on
August 1, 2023, the security interest:

a. Is a perfected security interest until the earlier of the time perfection would have
ceased under the law in effect immediately before August 1, 2023, or the
adjustment date;
b. Remains enforceable thereafter only if the security interest satisfies the
requirements for enforceability under section 41-09-13, as amended by this Act,
before the adjustment date; and
c. Remains perfected thereafter only if the requirements for perfection under this Act
are satisfied before the time specified in subdivision a.

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