N.D. Cent. Code § 41-08-29: (8-303) Protected purchaser

1."Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who:

a.Gives value;

b.Does not have notice of any adverse claim to the security; and

c.Obtains control of the certificated or uncertificated security.

2.A protected purchaser acquires its interest in the security free of any adverse claim.