41-09-126. (9-704) Security interest unperfected before effective date.
108 words·~1 min read·
/nd/title-41/chapter-41-09-secured-transactions/41-09-126·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.