For the purposes of this chapter: 1. A transfer is made under either of the following circumstances: 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 which 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 isa fixture, when the transfer isso far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this chapter that issuperior to the interest of the transferee. 2. Ifapplicable law permits the transfer to be perfected as provided in subsection 1 and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer is deemed made immediately before the commencement of the action. 3. Ifapplicable law does not permit the transfer to be perfected as provided in subsection 1,the transfer is made when itbecomes 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 under either of the following circumstances: a. If oral, when it becomes effective between the parties. b. If evidenced by a record, when the record signed by the obligor isdelivered to or for the benefit of the obligee. 2016amendments tosubsection1,paragrapha,andsubsection5,paragraphb,applytoatransfermadeoranobligationincurred,as providedinthissection,onorafterJuly1,2016;2016Acts,ch1040,§15
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