§ 41-12-02 — (12-102) Definitions

North Dakota § 41-12-02

• Jurisdiction: North Dakota
• Title 41: Uniform Commercial Code
• Ch. 41-12: Uniform Commercial Code - Controllable Electronic Records

Text

1. In this chapter:
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. Section 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.