North Dakota § 41-09-06 (9-106) Control of investment property

North Dakota Statutes

§ 41-09-06 — (9-106) Control of investment property

North Dakota·Title 41 Uniform Commercial Code·Ch. 41-09 Secured Transactions

1.A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 41-08-06.

2.A secured party has control of a commodity contract if:

a.The secured party is the commodity intermediary with which the commodity contract is carried; or

b.The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.

3.A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.

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1. A person has control of a certificated security, uncertificated security, or security
entitlement as provided in section 41-08-06.
2. A secured party has control of a commodity contract if:
a. The secured party is the commodity intermediary with which the commodity
contract is carried; or
b. The commodity customer, secured party, and commodity intermediary have
agreed that the commodity intermediary will apply any value distributed on
account of the commodity contract as directed by the secured party without
further consent by the commodity customer.
3. A secured party having control of all security entitlements or commodity contracts
carried in a securities account or commodity account has control over the securities
account or commodity account.

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