An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under section 41-08-41 for value and without notice of the adverse claim.
N.D. Cent. Code § 41-08-42
(8-502) Assertion of adverse claim against entitlement holder
Known as the Uniform Commercial Code
The act spans §§ 41–41 (597 sections).
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.