41-09-06. (9-106) Control of investment property

41-09-06. (9-106) Control of investment property

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.