N.D. Cent. Code § 6-03-56
This is the official text of N.D. Cent. Code § 6-03-56, 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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6-03-56. Unlawful borrowing, rediscounting, endorsing, pledging by officers, employees, and accessories - Penalty
Official statutory text
6-03-56. Unlawful borrowing, rediscounting, endorsing, pledging by officers,
employees, and accessories - Penalty.
Any officer, director, agent, or employee of any state banking association who borrows
money for, or on behalf or in the name of such association or obligates any such association
upon rediscounted paper, or pledges any of the assets of such association in violation of the
provisions of this chapter is guilty of a class A misdemeanor and is personally liable to the
association for any loss it sustains on account of such illegal action, but no such violation may
affect the validity of any loan, endorsement, or pledge in the hands of any federal reserve bank
or federal lending agency or commercial bank correspondent who loaned money to the
association or discounted its paper in good faith and in reliance upon a certified copy of a
resolution complying with section 6-03-52.
employees, and accessories - Penalty.
Any officer, director, agent, or employee of any state banking association who borrows
money for, or on behalf or in the name of such association or obligates any such association
upon rediscounted paper, or pledges any of the assets of such association in violation of the
provisions of this chapter is guilty of a class A misdemeanor and is personally liable to the
association for any loss it sustains on account of such illegal action, but no such violation may
affect the validity of any loan, endorsement, or pledge in the hands of any federal reserve bank
or federal lending agency or commercial bank correspondent who loaned money to the
association or discounted its paper in good faith and in reliance upon a certified copy of a
resolution complying with section 6-03-52.
Status: in_force · Read it on the official government site
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