(8-115) Securities intermediary and others not liable to adverse claimant
N.D. Cent. Code § 41-08-15
in effect41-08-15. (8-115) Securities intermediary and others not liable to adverse claimant
A securities intermediary that has transferred a financial asset pursuant to an effective
entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the
direction of its customer or principal, is not liable to a person having an adverse claim to the
financial asset, unless the securities intermediary, or broker or other agent or bailee:
1. Took the action after it had been served with an injunction, restraining order, or other
legal process enjoining it from doing so, issued by a court of competent jurisdiction,
and had a reasonable opportunity to act on the injunction, restraining order, or other
legal process;
2. Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or
3. In the case of a security certificate that has been stolen, acted with notice of the
adverse claim.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t41c08.pdf#nameddest=41-08-15Fetched: 10/16/2026