13 | | - | SECTION 1. AMENDMENT. Section 41-01-09 of the North Dakota Century Code is |
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14 | | - | amended and reenacted as follows: |
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15 | | - | 41-01-09. (1-201) General definitions. |
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16 | | - | 1.Unless the context otherwise requires, words or phrases defined in this section, or in |
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17 | | - | additional definitions contained in other chapters of this title which apply to particular |
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18 | | - | chapters or parts of chapters, have the meanings stated. |
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19 | | - | 2.Subject to definitions contained in other chapters of this title which apply to particular |
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20 | | - | chapters or parts of chapters: |
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21 | | - | a."Action", in the sense of a judicial proceeding, includes recoupment, |
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22 | | - | counterclaim, setoff, suit in equity, and any other proceeding in which rights are |
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23 | | - | determined. |
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24 | | - | b."Aggrieved party" means a party entitled to pursue a remedy. |
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25 | | - | c."Agreement", as distinguished from "contract", means the bargain of the parties |
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26 | | - | in fact, as found in their language or inferred from other circumstances, including |
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27 | | - | course of performance, course of dealing, or usage of trade as provided under |
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28 | | - | section 41-09-17. |
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29 | | - | Page No. 1 25.0987.02000 |
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30 | | - | ENGROSSED HOUSE BILL NO. 1441 |
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31 | | - | FIRST ENGROSSMENT |
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| 14 | + | SECTION 1. A new chapter to title 51 of the North Dakota Century Code is created and |
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| 15 | + | enacted as follows: |
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| 16 | + | Definitions. |
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| 17 | + | For purposes of this chapter: |
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| 18 | + | 1."Central bank digital currency" means a digital currency, digital medium of exchange, |
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| 19 | + | or digital monetary unit of account issued by the United States federal reserve system, |
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| 20 | + | a federal agency, a foreign government, a foreign central bank, a foreign reserve |
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| 21 | + | system, or any intergovernmental organization, which is made directly available to a |
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| 22 | + | consumer by such entity or processed or validated directly by such entity. |
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| 23 | + | 2."Specie" means refined precious metal bullion that is coined, stamped, or imprinted |
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| 24 | + | with its weight and purity and valued primarily based on its metal content and not its |
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| 25 | + | shape or form. |
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| 26 | + | 3."Specie legal tender" means gold or silver specie issued by the United States or any |
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| 27 | + | other form of gold or sliver specie. |
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| 28 | + | Specie legal tender. |
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| 29 | + | Specie legal tender is legal tender in this state. |
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| 30 | + | Page No. 1 25.0987.01000 |
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| 31 | + | HOUSE BILL NO. 1441 |
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| 32 | + | |
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| 56 | + | Specie legal tender - Taxation. |
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| 57 | + | The exchange, purchase, or sale of any type or form of specie legal tender may not give |
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| 58 | + | rise to any tax liability of any kind. |
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| 59 | + | Central bank digital currency - Not legal tender. |
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| 60 | + | A central bank digital currency is not legal tender. |
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| 61 | + | SECTION 2. AMENDMENT. Subsection 17 of section 13-09.1-01 of the North Dakota |
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| 62 | + | Century Code is amended and reenacted as follows: |
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| 63 | + | 17."Money" means a medium of exchange that is authorized or adopted by the United |
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| 64 | + | States or a foreign government or which is legal tender in this state. The term includes |
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| 65 | + | a monetary unit of account established by an intergovernmental organization or by |
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| 66 | + | agreement between two or more governments. The term does not include a central |
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| 67 | + | bank digital currency as defined in section 1 of this Act. |
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| 68 | + | SECTION 3. AMENDMENT. Section 41-01-09 of the North Dakota Century Code is |
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| 69 | + | amended and reenacted as follows: |
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| 70 | + | 41-01-09. (1-201) General definitions. |
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| 71 | + | 1.Unless the context otherwise requires, words or phrases defined in this section, or in |
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| 72 | + | additional definitions contained in other chapters of this title which apply to particular |
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| 73 | + | chapters or parts of chapters, have the meanings stated. |
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| 74 | + | 2.Subject to definitions contained in other chapters of this title which apply to particular |
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| 75 | + | chapters or parts of chapters: |
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| 76 | + | a."Action", in the sense of a judicial proceeding, includes recoupment, |
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| 77 | + | counterclaim, setoff, suit in equity, and any other proceeding in which rights are |
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| 78 | + | determined. |
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| 79 | + | b."Aggrieved party" means a party entitled to pursue a remedy. |
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| 80 | + | c."Agreement", as distinguished from "contract", means the bargain of the parties |
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| 81 | + | in fact, as found in their language or inferred from other circumstances, including |
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| 82 | + | course of performance, course of dealing, or usage of trade as provided under |
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| 83 | + | section 41-09-17. |
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56 | | - | e."Bearer" means a person in control of a negotiable electronic document of title or |
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57 | | - | a person in possession of a negotiable instrument, negotiable tangible document |
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58 | | - | of title, or certificated security that is payable to bearer or indorsed in blank. |
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59 | | - | f."Bill of lading" means a document of title evidencing the receipt of goods for |
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60 | | - | shipment issued by a person engaged in the business of directly or indirectly |
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61 | | - | transporting or forwarding goods. The term does not include a warehouse receipt. |
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62 | | - | g."Branch" includes a separately incorporated foreign branch of a bank. |
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63 | | - | h."Burden of establishing" a fact means the burden of persuading the trier of fact |
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64 | | - | that the existence of the fact is more probable than its nonexistence. |
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65 | | - | i."Buyer in ordinary course of business" means a person that buys goods in good |
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66 | | - | faith, without knowledge that the sale violates the rights of another person in the |
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67 | | - | goods, and in the ordinary course from a person, other than a pawnbroker, in the |
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68 | | - | business of selling goods of that kind. A person buys goods in the ordinary |
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69 | | - | course if the sale to the person comports with the usual or customary practices in |
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70 | | - | the kind of business in which the seller is engaged or with the seller's own usual |
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71 | | - | or customary practices. A person that sells oil, gas, or other minerals at the |
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72 | | - | wellhead or minehead is a person in the business of selling goods of that kind. A |
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73 | | - | buyer in ordinary course of business may buy for cash, by exchange of other |
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74 | | - | property, or on secured or unsecured credit, and may acquire goods or |
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75 | | - | documents of title under a pre-existing contract for sale. Only a buyer that takes |
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76 | | - | possession of the goods or has a right to recover the goods from the seller under |
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77 | | - | chapter 41-02 may be a buyer in ordinary course of business. "Buyer in ordinary |
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78 | | - | course of business" does not include a person that acquires goods in a transfer in |
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79 | | - | bulk or as security for or in total or partial satisfaction of a money debt. |
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80 | | - | j."Conspicuous", with reference to a term, means so written, displayed, or |
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81 | | - | presented that, based on the totality of the circumstances, a reasonable person |
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82 | | - | against which it is to operate ought to have noticed it. Whether a term is |
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83 | | - | "conspicuous" or not is a decision for the court. |
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84 | | - | Page No. 2 25.0987.02000 |
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| 86 | + | Page No. 2 25.0987.01000 |
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116 | | - | k."Consumer" means an individual who enters into a transaction primarily for |
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117 | | - | personal, family, or household purposes. |
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118 | | - | l."Contract", as distinguished from "agreement", means the total legal obligation |
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119 | | - | that results from the parties' agreement as determined by this title as |
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120 | | - | supplemented by any other applicable laws. |
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121 | | - | m."Creditor" includes a general creditor, a secured creditor, a lien creditor, and any |
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122 | | - | representative of creditors, including an assignee for the benefit of creditors, a |
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123 | | - | trustee in bankruptcy, a receiver in equity, and an executor or administrator of an |
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124 | | - | insolvent debtor's or assignor's estate. |
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125 | | - | n."Defendant" includes a person in the position of defendant in a counterclaim, |
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126 | | - | cross-claim, or third-party claim. |
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127 | | - | o."Delivery", with respect to an electronic document of title, means voluntary |
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128 | | - | transfer of control and, with respect to an instrument, a tangible document of title, |
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129 | | - | or an authoritative tangible copy of a record evidencing chattel paper, means |
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130 | | - | voluntary transfer of possession. |
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131 | | - | p."Document of title" means a record that in the regular course of business or |
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132 | | - | financing is treated as adequately evidencing that the person in possession or |
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133 | | - | control of the record is entitled to receive, control, hold, and dispose of the record |
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134 | | - | and the goods the record covers and that purports to be issued by or addressed |
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135 | | - | to a bailee and to cover goods in the bailee's possession which are either |
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136 | | - | identified or are fungible portions of an identified mass. The term includes a bill of |
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137 | | - | lading, transport document, dock warrant, dock receipt, warehouse receipt, and |
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138 | | - | order for delivery of goods. An electronic document of title means a document of |
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139 | | - | title evidenced by a record consisting of information stored in an electronic |
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140 | | - | medium. A tangible document of title means a document of title evidenced by a |
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141 | | - | record consisting of information that is inscribed on a tangible medium. |
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142 | | - | q."Electronic" means relating to technology having electrical, digital, magnetic, |
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143 | | - | wireless, optical, electromagnetic, or similar capabilities. |
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144 | | - | r."Fault" means a default, breach, or wrongful act or omission. |
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145 | | - | s."Fungible goods" means: |
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146 | | - | Page No. 3 25.0987.02000 |
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| 118 | + | e."Bearer" means a person in control of a negotiable electronic document of title or |
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| 119 | + | a person in possession of a negotiable instrument, negotiable tangible document |
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| 120 | + | of title, or certificated security that is payable to bearer or indorsed in blank. |
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| 121 | + | f."Bill of lading" means a document of title evidencing the receipt of goods for |
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| 122 | + | shipment issued by a person engaged in the business of directly or indirectly |
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| 123 | + | transporting or forwarding goods. The term does not include a warehouse receipt. |
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| 124 | + | g."Branch" includes a separately incorporated foreign branch of a bank. |
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| 125 | + | h."Burden of establishing" a fact means the burden of persuading the trier of fact |
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| 126 | + | that the existence of the fact is more probable than its nonexistence. |
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| 127 | + | i."Buyer in ordinary course of business" means a person that buys goods in good |
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| 128 | + | faith, without knowledge that the sale violates the rights of another person in the |
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| 129 | + | goods, and in the ordinary course from a person, other than a pawnbroker, in the |
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| 130 | + | business of selling goods of that kind. A person buys goods in the ordinary |
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| 131 | + | course if the sale to the person comports with the usual or customary practices in |
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| 132 | + | the kind of business in which the seller is engaged or with the seller's own usual |
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| 133 | + | or customary practices. A person that sells oil, gas, or other minerals at the |
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| 134 | + | wellhead or minehead is a person in the business of selling goods of that kind. A |
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| 135 | + | buyer in ordinary course of business may buy for cash, by exchange of other |
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| 136 | + | property, or on secured or unsecured credit, and may acquire goods or |
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| 137 | + | documents of title under a pre-existing contract for sale. Only a buyer that takes |
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| 138 | + | possession of the goods or has a right to recover the goods from the seller under |
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| 139 | + | chapter 41-02 may be a buyer in ordinary course of business. "Buyer in ordinary |
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| 140 | + | course of business" does not include a person that acquires goods in a transfer in |
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| 141 | + | bulk or as security for or in total or partial satisfaction of a money debt. |
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| 142 | + | j."Central bank digital currency" means a digital currency, digital medium of |
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| 143 | + | exchange, or digital monetary unit of account issued by the United States federal |
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| 144 | + | reserve system, a federal agency, a foreign government, a foreign central bank, a |
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| 145 | + | foreign reserve system, or any intergovernmental organization, which is made |
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| 146 | + | directly available to a consumer by such entity or processed or validated directly |
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| 147 | + | by such entity. |
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| 148 | + | Page No. 3 25.0987.01000 |
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| 180 | + | k."Conspicuous", with reference to a term, means so written, displayed, or |
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| 181 | + | presented that, based on the totality of the circumstances, a reasonable person |
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| 182 | + | against which it is to operate ought to have noticed it. Whether a term is |
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| 183 | + | "conspicuous" or not is a decision for the court. |
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| 184 | + | k.l."Consumer" means an individual who enters into a transaction primarily for |
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| 185 | + | personal, family, or household purposes. |
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| 186 | + | l.m."Contract", as distinguished from "agreement", means the total legal obligation |
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| 187 | + | that results from the parties' agreement as determined by this title as |
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| 188 | + | supplemented by any other applicable laws. |
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| 189 | + | m.n."Creditor" includes a general creditor, a secured creditor, a lien creditor, and any |
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| 190 | + | representative of creditors, including an assignee for the benefit of creditors, a |
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| 191 | + | trustee in bankruptcy, a receiver in equity, and an executor or administrator of an |
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| 192 | + | insolvent debtor's or assignor's estate. |
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| 193 | + | n.o."Defendant" includes a person in the position of defendant in a counterclaim, |
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| 194 | + | cross-claim, or third-party claim. |
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| 195 | + | o.p."Delivery", with respect to an electronic document of title, means voluntary |
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| 196 | + | transfer of control and, with respect to an instrument, a tangible document of title, |
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| 197 | + | or an authoritative tangible copy of a record evidencing chattel paper, means |
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| 198 | + | voluntary transfer of possession. |
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| 199 | + | p.q."Document of title" means a record that in the regular course of business or |
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| 200 | + | financing is treated as adequately evidencing that the person in possession or |
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| 201 | + | control of the record is entitled to receive, control, hold, and dispose of the record |
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| 202 | + | and the goods the record covers and that purports to be issued by or addressed |
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| 203 | + | to a bailee and to cover goods in the bailee's possession which are either |
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| 204 | + | identified or are fungible portions of an identified mass. The term includes a bill of |
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| 205 | + | lading, transport document, dock warrant, dock receipt, warehouse receipt, and |
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| 206 | + | order for delivery of goods. An electronic document of title means a document of |
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| 207 | + | title evidenced by a record consisting of information stored in an electronic |
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| 208 | + | medium. A tangible document of title means a document of title evidenced by a |
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| 209 | + | record consisting of information that is inscribed on a tangible medium. |
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| 210 | + | Page No. 4 25.0987.01000 |
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| 240 | + | 30 Sixty-ninth |
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| 241 | + | Legislative Assembly |
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| 242 | + | q.r."Electronic" means relating to technology having electrical, digital, magnetic, |
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| 243 | + | wireless, optical, electromagnetic, or similar capabilities. |
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| 244 | + | r.s."Fault" means a default, breach, or wrongful act or omission. |
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| 245 | + | s.t."Fungible goods" means: |
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199 | | - | y."Money" means a medium of exchange that is currently authorized or adopted by |
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200 | | - | a domestic or foreign government. The term includes a monetary unit of account |
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201 | | - | established by an intergovernmental organization, or by agreement between two |
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202 | | - | or more countries. The term does not include an electronic record that is a |
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203 | | - | medium of exchange recorded and transferable in a system that existed and |
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204 | | - | operated for the medium of exchange before the medium of exchange was |
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205 | | - | authorized or adopted by the government. |
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206 | | - | z."Organization" means a person other than an individual. |
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207 | | - | aa."Party", as distinguished from "third party", means a person that has engaged in |
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208 | | - | a transaction or made an agreement subject to this title. |
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209 | | - | Page No. 4 25.0987.02000 |
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| 267 | + | y.z."Money" means a medium of exchange that is currently authorized or adopted by |
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| 268 | + | a domestic or foreign government, which is legal tender in this state. The term |
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| 269 | + | includes a monetary unit of account established by an intergovernmental |
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| 270 | + | organization, or by agreement between two or more countries. The term does not |
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| 271 | + | include an electronic record that is a medium of exchange recorded and |
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| 272 | + | transferable in a system that existed and operated for the medium of exchange |
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| 273 | + | Page No. 5 25.0987.01000 |
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374 | | - | SECTION 2. A new chapter to title 51 of the North Dakota Century Code is created and |
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375 | | - | enacted as follows: |
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376 | | - | Definitions. |
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377 | | - | For purposes of this chapter: |
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378 | | - | 1."Specie" means refined precious metal bullion that is coined, stamped, or imprinted |
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379 | | - | with its weight and purity and valued primarily based on its metal content and not its |
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380 | | - | shape or form. |
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381 | | - | 2."Specie legal tender" means gold or silver specie issued by the United States or any |
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382 | | - | other form of gold or sliver specie. |
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383 | | - | 3."United States central bank digital currency" means a digital currency, digital medium |
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384 | | - | of exchange, or digital monetary unit of account issued by the United States federal |
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385 | | - | reserve system. |
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386 | | - | Specie legal tender. |
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387 | | - | Specie legal tender is legal tender in this state. A person may not be required to offer or |
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388 | | - | accept specie legal tender for the payment of debts, deposit, or any other purpose. A person |
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389 | | - | may not incur liability for refusing to offer or accept specie legal tender, except as specifically |
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390 | | - | provided for by contract. |
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391 | | - | Specie legal tender - Taxation. |
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392 | | - | The exchange, purchase, or sale of any type or form of specie legal tender may not give |
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393 | | - | rise to any tax liability of any kind. |
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394 | | - | United States Central bank digital currency - Not legal tender. |
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395 | | - | A United States central bank digital currency is not legal tender. |
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396 | | - | Page No. 7 25.0987.02000 |
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| 440 | + | Page No. 8 25.0987.01000 |
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