Current as of January 01, 2020 | Updated by FindLaw Staff
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1. A person acquires a security or an interest therein, under this chapter, if:
a. The person is a purchaser to whom a security is delivered pursuant to section 41-08-27; or
b. The person acquires a security entitlement to the security pursuant to section 41-08-41.
2. A person acquires a financial asset, other than a security, or an interest therein, under this chapter, if the person acquires a security entitlement to the financial asset.
3. A person who acquires a security entitlement to a security or other financial asset has the rights specified in sections 41-08-41 through 41-08-51, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in section 41-08-43.
4. Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule, or agreement to transfer, deliver, present, surrender, exchange, or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection 1 or 2.
Cite this article: FindLaw.com - North Dakota Century Code Title 41. Uniform Commercial Code § 41-08-04. (8-104) Acquisition of security or financial asset or interest therein - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-41-uniform-commercial-code/nd-cent-code-sect-41-08-04.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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