N.D. Cent. Code § 4.1-59-29

4.1-59-29. Report of trustee - Approval - Distribution

1. Upon the receipt and evaluation of claims, the commissioner shall file a report showing

the amount and validity of each claim after recognizing:

a. Relevant liens or pledges.

b. Relevant assignments.

c. Relevant deductions due to advances or offsets accrued in favor of the licensee.

d. Relevant cash claims or checks, the amount of the claim.

e. Relevant credit-sale contract or noncredit-sale contract, the amount remaining to

be paid based on the terms of the contract.

2. The report also must contain the proposed reimbursement to the commissioner for the

expenses of administering the insolvency, the proposed distribution of the trust fund

assets to receiptholders, less expenses incurred by the commissioner in the

administration of the insolvency, and the proposed credit-sale contract indemnity fund

payments to credit-sale contract claimants. If the trust fund is insufficient to redeem all

receiptholder claims in full, the report must list the funds as prorated.

3. The commissioner shall set a hearing and the appropriate notice for interested

persons to show cause why the commissioner's report should not be approved and

distribution of the trust fund be made as proposed. The commissioner shall serve

copies of the report and notice of hearing by certified mail upon the licensee and the

surety and by ordinary mail upon all persons having claims filed with the

commissioner.

4. An aggrieved person having an objection to the commissioner's report shall file the

objection with the commissioner and serve copies on the commissioner, the licensee,

and the surety at least twenty days before the hearing. Failure to file and serve

objections in the time set is a waiver of the objection.

5. Following the hearing, the commissioner shall approve or modify the report and issue

an order directing payment of the necessary bond proceeds, distribution of the trust

fund, payments from the credit-sale contract indemnity fund, and discharge of the

commissioner from the commissioner's trust.

6. If an aggrieved person still has objection with commissioner's report after hearing the

person may appeal to district court.