53-12-43. Person having control of transferable record is holder with same rights and defenses as holder of equivalent record.
Except as otherwise agreed, a person having control of a transferable record is the holder, as defined in subdivision 57A-1-201(20), of the transferable record and has the same rights and defenses as a holder of an equivalent record or writing under the Uniform Commercial Code, including, if the applicable statutory requirements under §57A-3-302(a), 57A-7-501, or 57A-9-308 are satisfied, the rights and defenses of a holder in due course, a holder to which a negotiable document of title has been duly negotiated, or a purchaser, respectively. Delivery, possession, and indorsement are not required to obtain or exercise any of the rights under this section.
Source: SL 2000, ch 225, §43.