North Dakota § 35-03-01.2 - Nature, extent, and effect of lien - Security not to be impaired

§ 35-03-01.2. Nature, extent, and effect of lien - Security not to be impaired

1. A mortgage is a lien upon everything that would pass by a grant of the property, and upon nothing more. 2. A mortgage is a lien upon the property mortgaged in the hands of everyone claiming under the mortgagor subsequently to its execution, except purchasers and encumbrancers in good faith without notice and for value. 3. Real property held adversely to the mortgagor may be mortgaged, and such a mortgage takes effect from the time at which the mortgagor or one claiming under the mortgagor obtains possession of the property and has precedence over every lien upon the mortgagor's interest in the property created subsequently to the recording of the mortgage. 4. Title acquired by the mortgagor subsequent to the execution of the mortgage inures to the mortgagee as security for the debt in like manner as if acquired before the execution. 5. In the absence of an express covenant, a mortgage does not bind the mortgagor personally to perform the act for the performance of which it is a security. 6. A mortgage does not entitle the mortgagee to the possession of the property, but after the execution of a mortgage, the mortgagor may agree to the change of possession without a new consideration. 7. The assignment of a debt secured by a mortgage carries the security with it. 8. No person whose interest is subject to the lien of a mortgage may do any act which will substantially impair the mortgagee's security.