41-09-131. (9-709) Priority.
115 words·~1 min read·
/nd/title-41/chapter-41-09-secured-transactions/41-09-131·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. This chapter determines the priority of conflicting claims to collateral. However, if the
relative priorities of the claims were established before July 1, 2001, the former
chapter 41-09 determines priority.
2. For purposes of subsection 1 of section 41-09-42, the priority of a security interest that
becomes enforceable under section 41-09-13 dates from July 1, 2001, if the security
interest is perfected under this chapter by the filing of a financing statement before
July 1, 2001, which would not have been effective to perfect the security interest under
the former chapter 41-09. This subsection does not apply to conflicting security
interests each of which is perfected by the filing of such a financing statement.