1. In this section, "place of business" means a place where a debtor conducts its affairs.
2. Except as otherwise provided in this section, the following rules determine a debtor's location:
a. A debtor who is an individual is located at the individual's principal residence.
b. A debtor that is an organization and has only one place of business is located at its place of business.
c. A debtor that is an organization and has more than one place of business is located at its chief executive office.
3. Subsection 2 applies only if a debtor's residence, place of business, or chief executive office, as applicable, is located in a jurisdiction whose law generally requires information concerning the existence of a nonpossessory security interest to be made generally available in a filing, recording, or registration system as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. If subsection 2 does not apply, the debtor is located in the District of Columbia.
4. A person that ceases to exist, have a residence, or have a place of business continues to be located in the jurisdiction specified by subsections 2 and 3.
5. A registered organization that is organized under the law of a state is located in that state.
6. Except as otherwise provided in subsection 9, a registered organization that is organized under the law of the United States and a branch or agency of a bank that is not organized under the law of the United States or a state are located:
a. In the state that the law of the United States designates, if the law designates a state of location;
b. In the state that the registered organization, branch, or agency designates, if the law of the United States authorizes the registered organization, branch, or agency to designate its state of location, including by designation its main office, home office, or other comparable office; or
c. In the District of Columbia, if neither subdivision a nor b applies.
7. A registered organization continues to be located in the jurisdiction specified by subsection 5 or 6 notwithstanding:
a. The suspension, revocation, forfeiture, or lapse of the registered organization's status as such in its jurisdiction of organization; or
b. The dissolution, winding up, or cancellation of the existence of the registered organization.
8. The United States is located in the District of Columbia.
9. A branch or agency of a bank that is not organized under the law of the United States or a state is located in the state in which the branch or agency is licensed, if all branches and agencies of the bank are licensed in only one state.\n\n Page No. 24
10. A foreign air carrier under the Federal Aviation Act of 1958, as amended, [Pub. L. 85-726; 72 Stat. 731] is located at the designated office of the agent upon which service of process may be made on behalf of the carrier.
11. This section applies only for purposes of this part. \n 41-09-28. (9-308) When security interest or agricultural lien is perfected - Continuity of perfection.
1. Except as otherwise provided in this section and section 41-09-29, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 41-09-30 through 41-09-36 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.
2. An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in section 41-09-30 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.
3. A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this chapter and is later perfected by another method under this chapter, without an intermediate period when it was unperfected.
4. Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.
5. Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.
6. Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
7. Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account. \n
Notes of Decisions
Kingsley v. First Am. Bank of Casselton (In Re Kingsley), 73 B.R. 767 (Bankr. D.N.D. 1987).
· cites it 18× “A security interest temporarily perfected in instruments or documents without delivery under section 41-09-25 or in proceeds for a ten-day period under section 41-09-27. c. A security interest created by an assignment of a beneficial interest in a trust or a decedent’s estate.”
In Re Star Saf., Inc., 39 B.R. 755 (Bankr. D.N.D. 1984).
· cites it 14× “Subsection (3) of section 41-09-27 (U.C.C. § 9-306(3)) provides, however, that the security interest in proceeds remains continuously perfected so long as the interest in the original collateral was perfected and remains so.”
Benson Cnty. Coop. Credit Union v. Cent. Livestock Ass'n, 300 N.W.2d 236 (N.D. 1980).
· cites it 4× “Unless otherwise agreed, a security agreement gives the secured party the rights to proceeds provided by section 41-09-27. . . . ” It is undisputed that the Credit Union has complied with the provisions of § 41-09-16(l)(a)(b) and (c), N.”
Pigeon v. Prod. Credit Ass'n of Minot (In Re Pigeon), 49 B.R. 657 (Bankr. D.N.D. 1985).
· cites it 6× “Under N.D.C.C. § 41-09-27(1), proceeds of collateral “includes whatever is received upon the sale, exchange, collection, or other disposition of collateral or proceeds.”
Prod. Credit Ass'n of Minot v. Melland, 278 N.W.2d 780 (N.D. 1979).
· cites it 5× “§ 41-09-14) and plaintiff’s security interest continued in the collateral notwithstanding its sale and also continued in the identifiable proceeds which were not paid to the debtor Dorland Melland (N.D.C.C. § 41-09-27).” This appeal by Delaney and Ray Grain Corporation raises…”
Thet Mah & Assocs., Inc. v. First Bank of North Dakota (NA), Minot, 336 N.W.2d 134 (N.D. 1983).
· cites it 4× “” NDCC § 41-09-27(2) provides that: “Except where this chapter otherwise provides, a security, interest continues in collateral notwithstanding sale, exchange, or other disposition thereof unless the disposition was authorized by the secured party in the security agreement or…”
Thompson v. Danner, 507 N.W.2d 550 (N.D. 1993).
· cites it 2× “Section 41-09-27(1) [U.C.C. § 9-306], N.D.”
FarmPro Servs., Inc. v. Brown, 276 B.R. 620 (D.N.D. 2002).
· cites it 2× “Thus, the crop disaster payments do not fall within the definition of proceeds under the UCC, and section 41-09-33(2) does not apply.”
Bank of Beulah v. Chase, 231 N.W.2d 738 (N.D. 1975).
· cites it 5× “are ■ determinative of this case [§§ 41-09-27, 41-09-28, and 41-09-29, N.D.”
— N.D. Cent. Code § 41-09-27(1) — 6 cases
In Re Star Saf., Inc., 39 B.R. 755 (Bankr. D.N.D. 1984).
“Subsection (3) of section 41-09-27 (U.C.C. § 9-306(3)) provides, however, that the security interest in proceeds remains continuously perfected so long as the interest in the original collateral was perfected and remains so.”
Thompson v. Danner, 507 N.W.2d 550 (N.D. 1993).
“Section 41-09-27(1) [U.C.C. § 9-306], N.D.”
Kingsley v. First Am. Bank of Casselton (In Re Kingsley), 73 B.R. 767 (Bankr. D.N.D. 1987).
“A security interest temporarily perfected in instruments or documents without delivery under section 41-09-25 or in proceeds for a ten-day period under section 41-09-27. c. A security interest created by an assignment of a beneficial interest in a trust or a decedent’s estate.”
Prod. Credit Ass'n of Minot v. Melland, 278 N.W.2d 780 (N.D. 1979).
“§ 41-09-14) and plaintiff’s security interest continued in the collateral notwithstanding its sale and also continued in the identifiable proceeds which were not paid to the debtor Dorland Melland (N.D.C.C. § 41-09-27).” This appeal by Delaney and Ray Grain Corporation raises…”
— N.D. Cent. Code § 41-09-27(2) — 4 cases
Thet Mah & Assocs., Inc. v. First Bank of North Dakota (NA), Minot, 336 N.W.2d 134 (N.D. 1983).
“” NDCC § 41-09-27(2) provides that: “Except where this chapter otherwise provides, a security, interest continues in collateral notwithstanding sale, exchange, or other disposition thereof unless the disposition was authorized by the secured party in the security agreement or…”
Benson Cnty. Coop. Credit Union v. Cent. Livestock Ass'n, 300 N.W.2d 236 (N.D. 1980).
“Unless otherwise agreed, a security agreement gives the secured party the rights to proceeds provided by section 41-09-27. . . . ” It is undisputed that the Credit Union has complied with the provisions of § 41-09-16(l)(a)(b) and (c), N.”
— N.D. Cent. Code § 41-09-27(3) — 1 case
In Re Star Saf., Inc., 39 B.R. 755 (Bankr. D.N.D. 1984).
“Subsection (3) of section 41-09-27 (U.C.C. § 9-306(3)) provides, however, that the security interest in proceeds remains continuously perfected so long as the interest in the original collateral was perfected and remains so.”
— N.D. Cent. Code § 41-09-27(3)(b) — 1 case
Kingsley v. First Am. Bank of Casselton (In Re Kingsley), 73 B.R. 767 (Bankr. D.N.D. 1987).
“A security interest temporarily perfected in instruments or documents without delivery under section 41-09-25 or in proceeds for a ten-day period under section 41-09-27. c. A security interest created by an assignment of a beneficial interest in a trust or a decedent’s estate.”
— N.D. Cent. Code § 41-09-27(4) — 1 case
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