N.D. Cent. Code § 41-09-16: (9-206) Security interest arising in purchase or delivery of financial asset

1.A security interest in favor of a securities intermediary attaches to a person's security entitlement if:

a.The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and

b.The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.

2.The security interest described in subsection 1 secures the person's obligation to pay for the financial asset.

3.A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:

a.The security or other financial asset:

(1)In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and

(2)Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and

b.The agreement calls for delivery against payment.

4.The security interest described in subsection 3 secures the obligation to make payment for the delivery.