N.D. Cent. Code § 4.1-58-47
This is the official text of N.D. Cent. Code § 4.1-58-47, 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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4.1-58-47. Joinder of surety - Deposit of proceeds
Official statutory text
4.1-58-47. Joinder of surety - Deposit of proceeds
The surety on the warehouseman's bond must be joined as a party to the insolvency
proceeding upon a motion by the commissioner if the commissioner believes proceeds from the
warehouseman's bond may be needed to redeem outstanding receipts issued by the
warehouseman. If it appears in the best interests of the receiptholders, the commissioner may
order the surety to deposit the penal sum of the bond, or so much of the sum as may be
deemed necessary, into the trustee's trust account pending a final determination of the surety's
liability under the bond.
The surety on the warehouseman's bond must be joined as a party to the insolvency
proceeding upon a motion by the commissioner if the commissioner believes proceeds from the
warehouseman's bond may be needed to redeem outstanding receipts issued by the
warehouseman. If it appears in the best interests of the receiptholders, the commissioner may
order the surety to deposit the penal sum of the bond, or so much of the sum as may be
deemed necessary, into the trustee's trust account pending a final determination of the surety's
liability under the bond.
Status: in_force · Read it on the official government site
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