North Dakota § 41-09-05.1 (9-105A) Control of electronic money

North Dakota Statutes

§ 41-09-05.1 — (9-105A) Control of electronic money

North Dakota § 41-09-05.1

Title 41Uniform Commercial Code

Ch. 41-09Secured Transactions

This text of North Dakota § 41-09-05.1 ((9-105A) Control of electronic money) 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 § 41-09-05.1 (2026).

Text

1. A person has control of electronic money if: a. The electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded gives the person:

(1)Power to avail itself of substantially all the benefit from the electronic money; and

(2)Exclusive power, subject to subsection 2, to:

(a)Prevent others from availing themselves of substantially all the benefit from the electronic money; and

(b)Transfer control of the electronic money to another person or cause another person to obtain control of other electronic money as a result of the transfer of the electronic money; and b. The electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recor

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1. A person has control of electronic money if:
a. The electronic money, a record attached to or logically associated with the
electronic money, or a system in which the electronic money is recorded gives the
person:
(1) Power to avail itself of substantially all the benefit from the electronic money;
and
(2) Exclusive power, subject to subsection 2, to:
(a) Prevent others from availing themselves of substantially all the benefit
from the electronic money; and
(b) Transfer control of the electronic money to another person or cause
another person to obtain control of other electronic money as a result
of the transfer of the electronic money; and
b. The electronic money, a record attached to or logically associated with the
electronic money, or a system in which the electronic money is recorded enables

the person readily to identify itself in any way, including by name, identifying
number, cryptographic key, office, or account number, as having the powers
under subdivision a.
2. Subject to subsection 3, a power is exclusive under paragraph 2 of subdivision a of
subsection 1 even if:
a. The electronic money, a record attached to or logically associated with the
electronic money, or a system in which the electronic money is recorded limits the
use of the electronic money or has a protocol programmed to cause a change,
including a transfer or loss of control; or
b. The power is shared with another person.
3. A power of a person is not shared with another person under subdivision b of
subsection 2 and the person's power is not exclusive if:
a. The person can exercise the power only if the power also is exercised by the
other person; and
b. The other person:
(1) Can exercise the power without exercise of the power by the person; or
(2) Is the transferor to the person of an interest in the electronic money.
4. If a person has the powers specified in paragraph 2 of subdivision a of subsection 1,
the powers are presumed to be exclusive.
5. A person has control of electronic money if another person, other than the transferor to
the person of an interest in the electronic money:
a. Has control of the electronic money and acknowledges that it has control on
behalf of the person; or
b. Obtains control of the electronic money after having acknowledged that it will
obtain control of the electronic money on behalf of the person.