N.D. Cent. Code § 41-08-22
(8-206) Completion or alteration of security certificate
Redline — December 1, 2021 → current.View current text →
Current — January 1, 2022
As of December 1, 2021
(1) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect: Any person may complete it by filling in the blanks as authorized; and
(1) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect: Any person may complete it by filling in the blanks as authorized; and
(2) Even if the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness.
(2) Even if the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness.
(3) A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.
(3) A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.
(4) Only the purchaser who physically takes the certificate is directly protected. However, a transferee may receive protection indirectly through Section 8-302(a).
(5) The protection granted a purchaser for value without notice under this section is modified to the extent that an overissue may result where an incorrect amount is inserted into a blank (Section 8-210).
Official source: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.