44-1006

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.