N.D. Cent. Code § 4.1-61-14
This is the official text of N.D. Cent. Code § 4.1-61-14, 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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4.1-61-14. Subrogation
Official statutory text
4.1-61-14. Subrogation
Money paid from the credit-sale contract indemnity fund in satisfaction of a valid claim
constitutes a debt obligation of the person against which the claim was made. The
commissioner may take action on behalf of the fund against a person to recover the amount of
payment made, plus costs and attorney's fees. Recovery for reimbursement to the fund must
include interest computed at the weight average prime rate charged by the Bank of North
Dakota. Upon payment of a claim from the credit-sale contract indemnity fund, the claimant shall
subrogate the interest of the claimant, if any, to the commissioner in a cause of action against all
parties, to the amount of the loss that the claimant was reimbursed by the fund.
Money paid from the credit-sale contract indemnity fund in satisfaction of a valid claim
constitutes a debt obligation of the person against which the claim was made. The
commissioner may take action on behalf of the fund against a person to recover the amount of
payment made, plus costs and attorney's fees. Recovery for reimbursement to the fund must
include interest computed at the weight average prime rate charged by the Bank of North
Dakota. Upon payment of a claim from the credit-sale contract indemnity fund, the claimant shall
subrogate the interest of the claimant, if any, to the commissioner in a cause of action against all
parties, to the amount of the loss that the claimant was reimbursed by the fund.
Status: in_force · Read it on the official government site
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