1.    Subject to subsection 2, a financing statement is sufficient only if the statement:

Terms Used In North Dakota Code 41-09-73

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Debtor: means a natural person whose name was provided in a financing statement record as an individual debtor or one of the types of persons listed in section 41-09-76. See North Dakota Code 41-10-01
  • Individual: means a human being. See North Dakota Code 1-01-49
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49

a.    Provides the name of the debtor; b.    Provides the name of the secured party or a representative of the secured party; c.    Indicates the collateral covered by the financing statement; and

d.    If it is a financing statement that is to be filed to gain protection under the central notice system, includes a reasonable description of the property, including the county in which the property is located, and any other additional information required by the Food Security Act of 1985 [Pub. L. 99-198; Stat. 1535; 7 U.S.C.

1631], as prescribed by the secretary of state, and, to be sufficient a financing statement must include the name and address of the secured party; and unless electronically filed, the signatures of the debtor and secured parties.

2.    Except as otherwise provided in subsection 2 of section 41-09-72, to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection 1 and also:

a.    Indicate that it covers this type of collateral; b.    Indicate that it is to be filed for record in the real property records; c.    Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and d.    If the debtor does not have an interest of record in the real property, provide the name of a record owner.

3.    A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:

a.    The record indicates the goods or accounts that it covers; b.    The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut; c.    The record satisfies the requirements for a financing statement in this section, but:

(1) The record need not indicate that it is to be filed in the real property records; (2) The record sufficiently provides the name of a debtor who is an individual if the record provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom subdivision d of subsection 1 of section 41-09-74 applies; and

(3) The mortgage may not include a social security number or internal revenue service taxpayer identification number; and

d.    The record is duly recorded.

4.    A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.

5.    A financing statement filed to gain protection under the central notice system must be amended within three months of a material change to reflect that change. The amended financing statement must be signed by both the debtor and secured party and filed in the same manner as the original financing statement. An electronically filed amendment does not need to be signed.

6.     a.    Any social security number or internal revenue service taxpayer identification number submitted on a financing statement filed pursuant to this chapter as a central indexing filing is an exempt record as defined by subsection 5 of section 44-04-17.1 and may not be disclosed as part of any search under    section 41-09-94 or 41-09-96 or as part of a copy of the record. A filing office or an officer or employee of the filing office may not be held civilly or criminally liable for the inadvertent disclosure of a social security or internal revenue service taxpayer identification number if the filer has placed the number in an improper field on the form prescribed by the secretary of state or the filer submitted a filing other than on the form prescribed by the secretary of state.

b.    A debtor’s social security number or internal revenue service taxpayer identification number may not be recorded in the real property records as provided for under section 11-18-23.2.

  Previous section
Next section  
 Chapter 41-09 Contents