41-08-09. (8-109) Warranties in indirect holding
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ND Code › Title 41 › Chapter 41-08 › Section 41-08-09
Text
41-08-09. (8-109) Warranties in indirect holding
1. A person who originates an entitlement order to a securities intermediary warrants to
the securities intermediary that:
a. The entitlement order is made by an appropriate person, or if the entitlement
order is by an agent, the agent has actual authority to act on behalf of the
appropriate person; and
b. There is no adverse claim to the security entitlement.
2. A person who delivers a security certificate to a securities intermediary for credit to a
securities account or originates an instruction with respect to an uncertificated security
directing that the uncertificated security be credited to a securities account makes to
the securities intermediary the warranties specified in subsection 1 or 2 of section
41-08-08.
3. If a securities intermediary delivers a security certificate to its entitlement holder or
causes its entitlement holder to be registered as the owner of an uncertificated
security, the securities intermediary makes to the entitlement holder the warranties
specified in subsection 1 or 2 of section 41-08-08.
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.