North Dakota Code 41-12-02 – (12-102) Definitions
1. In this chapter:
Terms Used In North Dakota Code 41-12-02
- paper: means any flexible material upon which it is usual to write. See North Dakota Code 1-01-27
- Property: includes property, real and personal. See North Dakota Code 1-01-49
a. “Controllable electronic record” means a record stored in an electronic medium that can be subjected to control under section 41-12-05. The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, electronic money, investment property, or a transferable record.
b. “Qualifying purchaser” means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record.
c. “Transferable record” has the meaning provided for that term in:
(1) Section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act [Pub. L. 106-229; 114 Stat. 473; 15 U.S.C. § 7021(a) (1)]; or
(2) Subsection 1 of section 9-16-15.
d. “Value” has the meaning provided in subsection 1 of section 41-03-29, as if references in that subsection to an “instrument” were references to a controllable account, controllable electronic record, or controllable payment intangible.
2. The definitions in chapter 41-09 of “account debtor”, “controllable account”, “controllable payment intangible”, “chattel paper”, “deposit account”, “electronic money”, and “investment property” apply to this chapter.
3. Chapter 41-01 contains general definitions and principles of construction and interpretation applicable throughout this title.