N.D. Cent. Code § 41-09-136

Current through the 2023 Legislative Sessions

Section 41-09-136 - (9-806) When initial financing statement suffices to continue effectiveness of financing statement

1. The filing of an initial financing statement in the office specified in section 41-09-72 continues the effectiveness of a financing statement filed before this Act takes effect if:

a. The filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter as amended by this Act;

b. The pre-effective-date financing statement was filed in an office in another state; and

c. The initial financing statement satisfies subsection 3.

2. The filing of an initial financing statement under subsection 1 continues the effectiveness of the pre-effective-date financing statement:

a. If the initial financing statement is filed before this Act takes effect, for the period provided in unamended section 41-09-86 with respect to an initial financing statement; and

b. If the initial financing statement is filed after this Act takes effect, for the period provided in section 41-09-86 as amended by this Act with respect to an initial financing statement.

3. To be effective for purposes of subsection 1, an initial financing statement must:

a. Satisfy the requirements of sections 41-09-72 through 41-09-97 as amended by this Act for an initial financing statement;

b. Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and

c. Indicate that the pre-effective-date financing statement remains effective.

N.D.C.C. § 41-09-136

Added by S.L. 2011, ch. 304 (HB 1137),§ 21, eff. 7/1/2013.