{"data":{"id":"us-nd/n.d.-cent.-code-41-09-16","jurisdiction":"us-nd","citation":"N.D. Cent. Code § 41-09-16","heading":"(9-206) Security interest arising in purchase or delivery of financial asset","body":"1.A security interest in favor of a securities intermediary attaches to a person's security entitlement if:\na.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\nb.The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.\n2.The security interest described in subsection 1 secures the person's obligation to pay for the financial asset.\n3.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:\na.The security or other financial asset:\n(1)In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and\n(2)Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and\nb.The agreement calls for delivery against payment.\n4.The security interest described in subsection 3 secures the obligation to make payment for the delivery.","path":["Title 41 Uniform Commercial Code","Chapter 41-09 Secured Transactions"],"source_url":"https://ndlegis.gov/cencode/t41c09.pdf","current_through":"2026-07-31T11:12:02","vintage":"","retrieved_at":"2026-09-02T21:04:14Z","sha256":"74e18ea7cfc2f77c7d384b115167e49ca595ca3298f6cc5bcee615b1e90d99ef","source_id":"us-nd","stale":true,"prev":"us-nd/n.d.-cent.-code-41-09-15","next":"us-nd/n.d.-cent.-code-41-09-17"},"notice":"GroundRules: Original legal text. Not legal advice."}