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Current as of January 01, 2024 | Updated by FindLaw Staff
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.
Cite this article: FindLaw.com - North Dakota Century Code Title 41. Uniform Commercial Code § 41-09-45. (9-325) Priority of security interests in transferred collateral - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-41-uniform-commercial-code/nd-cent-code-sect-41-09-45/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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