North Dakota Code 47-35-05 – Application to existing relationships
1. Except as otherwise provided in this section, this chapter governs the enforcement of an assignment of rents and the perfection and priority of a security interest in rents, even if the document creating the assignment was signed and delivered before August 1, 2013.
Terms Used In North Dakota Code 47-35-05
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
2. This chapter does not affect an action or proceeding commenced before August 1, 2013.
3. This chapter does not affect:
a. The enforceability of an assignee’s security interest in rents or proceeds if immediately before August 1, 2013, that security interest was enforceable; b. The perfection of an assignee’s security interest in rents or proceeds if immediately before August 1, 2013, that security interest was perfected; or
c. The priority of an assignee’s security interest in rents or proceeds with respect to the interest of another person if immediately before August 1, 2013, the interest of the other person was enforceable and perfected, and that priority was established.