North Dakota Century Code Title 41. Uniform Commercial Code § 41-05-18. (5-118) Security interest of issuer or nominated person

a. A security agreement is not necessary to make the security interest enforceable under subdivision c of subsection 2 of section 41-09-13;

b. If the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and

c. If the document is presented in a written or other tangible medium and is not a certificated security, chattel paper, a document of title, an instrument, or a letter of credit, the security interest is perfected and has priority over a conflicting security interest in the document so long as the debtor does not have possession of the document.