North Dakota § 51-23-04 - Exempt person transactions
Full text of North Dakota North Dakota Century Code § 51-23-04 — Exempt person transactions, with citation guidance and answers to common questions.
§ 51-23-04. Exempt person transactions
1. The prohibitions in section 51-23-03 do not apply to any transaction offered by and in which any of the following persons or any employee, officer, or director thereof acting solely in that capacity is the purchaser or seller: a. A person registered with the commodity futures trading commission as a futures commission merchant or as a leverage transaction merchant whose activities require such registration. b. A person registered with the securities and exchange commission as a broker-dealer whose activities require such registration. c. A person affiliated with, and whose obligations and liabilities under the transaction are guaranteed by, a person referred to in subdivision a or b. d. A person who is a member of a contract market designated by the commodity futures trading commission or any clearinghouse thereof. e. A financial institution. f. A person registered under the laws of this state as a securities dealer whose activities require such registration. g. A public warehouseman as defined in section 4.1-58-01. 2. The exemption provided by this section does not apply to any transaction or activity which is prohibited by the Commodity Exchange Act or CFTC rule.
Source: official North Dakota text · Last verified 2026-08-27
Frequently Asked Questions About North Dakota § 51-23-04
What does North Dakota Century Code § 51-23-04 cover?
Section 51-23-04 ("Exempt person transactions") is part of the North Dakota Century Code, the codified statutory law of North Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Dakota § 51-23-04?
A common citation format is "North Dakota Century Code § 51-23-04" (North Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Dakota official source linked on this page or consult a licensed North Dakota attorney.
How does North Dakota § 51-23-04 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Dakota.