44-1006. When transfer is made or obligation is incurred
For the purposes of this article:
1. A transfer is made:
(a) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good faith purchaser of the asset from the debtor against whom applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee.
(b) With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien through attachment, garnishment levy or other process otherwise than under this article that is superior to the interest of the transferee.
2. If applicable law permits the transfer to be perfected as provided in paragraph 1 and the transfer is not so perfected before the commencement of an action for relief under this article, the transfer is deemed made immediately before the commencement of the action.
3. If applicable law does not permit the transfer to be perfected as provided in paragraph 1, the transfer is made when it becomes effective between the debtor and the transferee.
4. A transfer is not made until the debtor has acquired rights in the asset transferred.
5. An obligation is incurred:
(a) If oral, when it becomes effective between the parties.
(b) If evidenced by a writing, when the writing executed by the obligor is delivered to or for the benefit of the obligee.
Section: Previous 44-406 44-407 44-1001 44-1002 44-1003 44-1004 44-1005 44-1006 44-1007 44-1008 44-1009 44-1010 44-1031 44-1032 44-1033 NextLast modified: October 13, 2016