41-09-06. (9-106) Control of investment property.
115 words·~1 min read·
/nd/title-41/chapter-41-09-secured-transactions/41-09-06·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. A person has control of a certificated security, uncertificated security, or security
entitlement as provided in section 41-08-06.
2. A secured party has control of a commodity contract if:
a. The secured party is the commodity intermediary with which the commodity
contract is carried; or
b. The commodity customer, secured party, and commodity intermediary have
agreed that the commodity intermediary will apply any value distributed on
account of the commodity contract as directed by the secured party without
further consent by the commodity customer.
3. A secured party having control of all security entitlements or commodity contracts
carried in a securities account or commodity account has control over the securities
account or commodity account.