North Dakota Code 41-08-04 – (8-104) Acquisition of security or financial asset or interest therein
1. A person acquires a security or an interest therein, under this chapter, if:
Terms Used In North Dakota Code 41-08-04
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Rule: includes regulation. See North Dakota Code 1-01-49
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.