North Dakota § 47-35-01 - Security interest in rents

§ 47-35-01. Security interest in rents

1. A document, however denominated, that is enforceable and creates or provides for a security interest in real property, whether or not it also creates or provides for a security interest in personal property, creates an assignment of rents arising from the real property described in the document, unless the document provides otherwise. 2. An assignment of rents creates a presently effective security interest in all accrued and unaccrued rents arising from the real property described in the document creating the assignment, whether the document is denominated an absolute assignment, an absolute assignment condition upon default, an assignment as additional security, or otherwise. The security interest in rents is separate and distinct from any security interest held by the assignee in the real property.