The validity of the security interest and lien granted to an interest owner under this chapter is not dependent upon possession of the oil or gas by an interest owner or operator and a security interest or lien does not become or may not be deemed to be void or expired by reason of a change or transfer of the actual or constructive possession or title of the oil or gas from the interest owner or an operator to a first purchaser or purchaser.

Terms Used In North Dakota Code 35-37-03

  • Dependent: A person dependent for support upon another.
  • Lien: A claim against real or personal property in satisfaction of a debt.