§ 47-35-03 — Perfection of security interest in rents

North Dakota § 47-35-03

• Jurisdiction: North Dakota
• Title 47: Property
• Ch. 47-35: Security Interest in Rents

Text

1. A document creating an assignment of rents may be submitted for recording in the
office of the recorder for the county in which the real property described in the
document is located in the same manner as any other document evidencing a
conveyance of an interest in real property.
2. Upon recording, the security interest in rents created by an assignment of rents is fully
perfected, notwithstanding any provision of the document creating the assignment or
other law of this state which would preclude or defer enforcement of the security
interest until the occurrence of a subsequent event, including a subsequent default of
the assignor, the assignee's obtaining possession of the real property, or the
appointment of a receiver.
3. Except as otherwise provided in subsection 4, a perfected security interest in rents
takes priority over the rights of a person who, after the security interest is perfected,
acquires an interest in or judgment lien against the rents or the real property from
which they arise.
4. A perfected security interest in rents has priority over the rights of a person listed in
subsection 3 with respect to future advances to the same extent as the assignee's
security interest in the real property has priority over the rights of that person with
respect to future advances.