This text of North Dakota § 47-30.2-32 ((603) Payment or delivery of property to administrator) 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.
1.Except as otherwise provided in this section, on filing a report under section
47-30.2-21, the holder shall pay or deliver to the administrator the property described
in the report.
2.If property in a report under section 47-30.2-21 is an automatically renewable deposit
and a penalty or forfeiture in the payment of interest would result from paying the
deposit to the administrator at the time of the report, the date for payment of the
property to the administrator is extended until a penalty or forfeiture no longer would
result from payment, if the holder informs the administrator of the extended date.
3.If property reported to the administrator under section 47-30.2-21 is a security, the
administrator may:
a.Make an endorsement, instruction, or entitlement order on behalf of the app
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1. Except as otherwise provided in this section, on filing a report under section
47-30.2-21, the holder shall pay or deliver to the administrator the property described
in the report.
2. If property in a report under section 47-30.2-21 is an automatically renewable deposit
and a penalty or forfeiture in the payment of interest would result from paying the
deposit to the administrator at the time of the report, the date for payment of the
property to the administrator is extended until a penalty or forfeiture no longer would
result from payment, if the holder informs the administrator of the extended date.
3. If property reported to the administrator under section 47-30.2-21 is a security, the
administrator may:
a. Make an endorsement, instruction, or entitlement order on behalf of the apparent
owner to invoke the duty of the issuer, the transfer agent of the issuer, or the
securities intermediary to transfer the security; or
b. Dispose of the security under section 47-30.2-41.
4. If the holder of property reported to the administrator under section 47-30.2-21 is the
issuer of a certificated security, the administrator may obtain a replacement certificate
in physical or book-entry form under section 41-08-38. An indemnity bond is not
required.
5. The administrator shall establish procedures for the registration, issuance, method of
delivery, transfer, and maintenance of securities delivered to the administrator by a
holder.
6. An issuer, holder, or transfer agent acting under this section under instructions of and
on behalf of the issuer or holder is not liable to the apparent owner for, and shall be
indemnified by the state against, a claim arising with respect to property after the
property has been delivered in good faith to the administrator.
7. A holder is not required to deliver to the administrator a security identified by the holder
as a non-freely transferable security. If the administrator or holder determines that a
security is no longer a non-freely transferable security, the holder shall deliver the
security on the next regular date prescribed for delivery of securities under this
chapter. The holder shall make a determination annually whether a security identified
in a report filed under section 47-30.2-21 as a non-freely transferable security is no
longer a non-freely transferable security.
8. If property reported to the administrator is virtual currency, the holder shall liquidate the
virtual currency and remit the proceeds to the administrator. The liquidation must occur
anytime within thirty days before the filing of the report under section 47-30.2-21. The
owner may not have recourse against the holder or the administrator to recover any
gain in value occurring after the liquidation of the virtual currency under this
subsection.