"Assignee", except as used in "assignee for benefit of creditors", means a person in whose favor a security interest that secures an obligation is created or provided for under a security agreement, whether or not the obligation is outstanding or to which an account, chattel paper, payment intangible, or promissory note has been sold. The term includes a person to which a security interest has been transferred by a secured party.
The term does not include an obligation substituted for another obligation.
The term does not include issuers or nominated persons under a letter of credit.
N.D.C.C. § 41-09-02