(9-325) Priority of security interests in transferred collateral

N.D. Cent. Code § 41-09-45
in effect
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41-09-45. (9-325) Priority of security interests in transferred collateral 1. Except as otherwise provided in subsection 2, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: a. The debtor acquired the collateral subject to the security interest created by the other person; b. The security interest created by the other person was perfected when the debtor acquired the collateral; and c. There is no period thereafter when the security interest is unperfected. 2. Subsection 1 subordinates a security interest only if the security interest: a. Otherwise would have priority solely under subsection 1 of section 41-09-42 or section 41-09-44; or b. Arose solely under subsection 3 of section 41-02-90 or subsection 5 of section 41-02.1-56.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t41c09.pdf#nameddest=41-09-45Fetched: 10/16/2026

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N.D. Cent. Code § 41-09-45 — (9-325) Priority of security interests in transferred collateral | North Dakota Century Code (Aug. 2026 snapshot) | Corpus