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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
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