N.D. Cent. Code § 41-08-03: (8-103) Rules for determining whether certain obligations and interests are securities or financial assets

In this chapter:

1.A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.

2.An "investment company security" is a security. "Investment company security" means a share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws, an interest in a unit investment trust that is so registered, or a face-amount certificate issued by a face-amount certificate company that is so registered. "Investment company security" does not include an insurance policy or endowment policy or annuity contract issued by an insurance company.

3.An interest in a partnership or limited liability company is not a security unless it is dealt in or traded on securities exchanges or in securities markets, its terms expressly provide that it is a security governed by this chapter, or it is an investment company security. However, an interest in a partnership or limited liability company is a financial asset if it is held in a securities account.

4.A writing that is a security certificate is governed by this chapter and not by chapter 41-03, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by chapter 41-03 is a financial asset if it is held in a securities account.

5.An option or similar obligation issued by a clearing corporation to its participants is not a security but is a financial asset.

6.A commodity contract, as defined in section 41-09-02, is not a security or a financial asset.

7.A document of title is not a financial asset unless paragraph 3 of subdivision j of subsection 1 of section 41-08-02 applies.

8.A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless paragraph 3 of subdivision j of subsection 1 of section 41-08-02 applies.