N.D. Cent. Code § 4.1-58-45
This is the official text of N.D. Cent. Code § 4.1-58-45, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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4.1-58-45. Trust fund established - Trustee
Official statutory text
4.1-58-45. Trust fund established - Trustee
1. Upon the insolvency of a warehouseman, a trust fund must be established:
a. For the benefit of noncredit-sale receiptholders of the insolvent warehouseman,
other than those that have waived their rights as beneficiaries of the trust fund in
accordance with section 4.1-58-15; and
b. To pay the costs incurred by the commissioner in the administration of this
chapter.
2. The trust fund consists of the following:
a. The grain in the warehouse of the insolvent warehouseman or the proceeds as
obtained through the sale of the grain;
b. The proceeds, including accounts receivable, from any grain sold from the time of
the filing of the claim that precipitated an insolvency until the commissioner is
appointed trustee;
c. The proceeds of insurance policies upon grain destroyed in the elevator;
d. The claims for relief, and proceeds from the claims for relief, for damages upon
any bond given by the warehouseman to ensure faithful performance of the
duties of a warehouseman;
e. The claims for relief, and proceeds from the claims for relief, for the conversion of
any grain stored in the warehouse;
f. Unencumbered accounts receivable for grain sold before the filing of the claim
that precipitated an insolvency;
g. Unencumbered equity in grain hedging accounts; and
h. Unencumbered grain product assets.
3. Upon the insolvency of a warehouseman, the commissioner shall act as trustee of the
trust fund.
1. Upon the insolvency of a warehouseman, a trust fund must be established:
a. For the benefit of noncredit-sale receiptholders of the insolvent warehouseman,
other than those that have waived their rights as beneficiaries of the trust fund in
accordance with section 4.1-58-15; and
b. To pay the costs incurred by the commissioner in the administration of this
chapter.
2. The trust fund consists of the following:
a. The grain in the warehouse of the insolvent warehouseman or the proceeds as
obtained through the sale of the grain;
b. The proceeds, including accounts receivable, from any grain sold from the time of
the filing of the claim that precipitated an insolvency until the commissioner is
appointed trustee;
c. The proceeds of insurance policies upon grain destroyed in the elevator;
d. The claims for relief, and proceeds from the claims for relief, for damages upon
any bond given by the warehouseman to ensure faithful performance of the
duties of a warehouseman;
e. The claims for relief, and proceeds from the claims for relief, for the conversion of
any grain stored in the warehouse;
f. Unencumbered accounts receivable for grain sold before the filing of the claim
that precipitated an insolvency;
g. Unencumbered equity in grain hedging accounts; and
h. Unencumbered grain product assets.
3. Upon the insolvency of a warehouseman, the commissioner shall act as trustee of the
trust fund.
Status: in_force · Read it on the official government site
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