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North Dakota Century Code Title 41. Uniform Commercial Code § 41-09-14. (9-204) After-acquired property--Future advances

Current as of January 01, 2024 | Updated by FindLaw Staff

1. Except as otherwise provided in subsection 2, a security agreement may create or provide for a security interest in after-acquired collateral.

2. Subject to subsection 4, a security interest does not attach under a term constituting an after-acquired property clause to:

a. Consumer goods, other than an accession if given as additional security, unless the debtor acquires rights in the consumer goods within ten days after the secured party gives value; or

b. A commercial tort claim.

3. A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, regardless of whether the advances or value is given pursuant to commitment.

4. Subsection 2 does not prevent a security interest from attaching:

a. To consumer goods as proceeds under subsection 1 of section 41-09-35 or commingled goods under subsection 3 of section 41-09-56:

b. To a commercial tort claim as proceeds under subsection 1 of section 41-09-35; or

c. Under an after-acquired property clause to property that is proceeds of consumer goods or a commercial tort claim.

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Cite this article: FindLaw.com - North Dakota Century Code Title 41. Uniform Commercial Code § 41-09-14. (9-204) After-acquired property--Future advances - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-41-uniform-commercial-code/nd-cent-code-sect-41-09-14/

Read this complete North Dakota Century Code Title 41. Uniform Commercial Code § 41-09-14. (9-204) After-acquired property--Future advances on Westlaw. Westlaw subscription required.

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