[§651C-6]  When transfer is made or
obligation is incurred.  For the purposes of this chapter:



(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; and



(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 otherwise than
under this chapter 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 chapter, the transfer
is 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; or



(B)  If evidenced by a writing, when the
writing executed by the obligor is delivered to or for the benefit of the
obligee. [L 1985, c 216, pt of §1]