41-08-04. (8-104) Acquisition of security or financial asset or interest therein

41-08-04. (8-104) Acquisition of security or financial asset or interest therein

1. A person acquires a security or an interest therein, under this chapter, if:

a. The person is a purchaser to whom a security is delivered pursuant to section

41-08-27; or

b. The person acquires a security entitlement to the security pursuant to section

41-08-41.

2. A person acquires a financial asset, other than a security, or an interest therein, under

this chapter, if the person acquires a security entitlement to the financial asset.

3. A person who acquires a security entitlement to a security or other financial asset has

the rights specified in sections 41-08-41 through 41-08-51, but is a purchaser of any

security, security entitlement, or other financial asset held by the securities

intermediary only to the extent provided in section 41-08-43.

4. Unless the context shows that a different meaning is intended, a person who is

required by other law, regulation, rule, or agreement to transfer, deliver, present,

surrender, exchange, or otherwise put in the possession of another person a security

or financial asset satisfies that requirement by causing the other person to acquire an

interest in the security or financial asset pursuant to subsection 1 or 2.