North Dakota § 41-08-15 (8-115) Securities intermediary and others not liable to adverse claimant

North Dakota Statutes

§ 41-08-15 — (8-115) Securities intermediary and others not liable to adverse claimant

North Dakota § 41-08-15

Title 41Uniform Commercial Code

Ch. 41-08Investment Securities

This text of North Dakota § 41-08-15 ((8-115) Securities intermediary and others not liable to adverse claimant) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-08-15 (2026).

Text

A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the direction of its customer or principal, is not liable to a person having an adverse claim to the financial asset, unless the securities intermediary, or broker or other agent or bailee:

1.Took the action after it had been served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order, or other legal process;

2.Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or

3.In the case of a security certificate that has

Free access — add to your briefcase to read the full text and ask questions with AI

A securities intermediary that has transferred a financial asset pursuant to an effective
entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the
direction of its customer or principal, is not liable to a person having an adverse claim to the
financial asset, unless the securities intermediary, or broker or other agent or bailee:
1. Took the action after it had been served with an injunction, restraining order, or other
legal process enjoining it from doing so, issued by a court of competent jurisdiction,
and had a reasonable opportunity to act on the injunction, restraining order, or other
legal process;
2. Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or
3. In the case of a security certificate that has been stolen, acted with notice of the
adverse claim.