{"data":{"id":"us-nd/n.d.-cent.-code-41-08-03","jurisdiction":"us-nd","citation":"N.D. Cent. Code § 41-08-03","heading":"(8-103) Rules for determining whether certain obligations and interests are securities or financial assets","body":"In this chapter:\n1.A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.\n2.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.\n3.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.\n4.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.\n5.An option or similar obligation issued by a clearing corporation to its participants is not a security but is a financial asset.\n6.A commodity contract, as defined in section 41-09-02, is not a security or a financial asset.\n7.A document of title is not a financial asset unless paragraph 3 of subdivision j of subsection 1 of section 41-08-02 applies.\n8.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.","path":["Title 41 Uniform Commercial Code","Chapter 41-08 Investment Securities"],"source_url":"https://ndlegis.gov/cencode/t41c08.pdf","current_through":"2026-07-31T11:12:02","vintage":"","retrieved_at":"2026-09-02T21:04:14Z","sha256":"7409ed3da8caaa36941564249d49782dc74aebcbd26888e54f345360b333342f","source_id":"us-nd","stale":true,"prev":"us-nd/n.d.-cent.-code-41-08-02","next":"us-nd/n.d.-cent.-code-41-08-04"},"notice":"GroundRules: Original legal text. Not legal advice."}