N.D. Cent. Code § 6-03-57
This is the official text of N.D. Cent. Code § 6-03-57, 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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6-03-57. Foreclosure of pledge contracts
Official statutory text
6-03-57. Foreclosure of pledge contracts
Except as otherwise provided in chapter 6-07.2, no pledge made by an association may be
foreclosed except by an action in equity brought in the district court of the county in which the
pledgor association is located, except where assets are pledged by a state banking association
in order to secure borrowed money or the obligation of the association on rediscounted paper,
the rights of the pledgee must be determined by the terms of the agreement of pledge, and if the
pledged assets are outside of this state, the foreclosure of the pledge is governed by the laws of
the state where the pledge is located.
Except as otherwise provided in chapter 6-07.2, no pledge made by an association may be
foreclosed except by an action in equity brought in the district court of the county in which the
pledgor association is located, except where assets are pledged by a state banking association
in order to secure borrowed money or the obligation of the association on rediscounted paper,
the rights of the pledgee must be determined by the terms of the agreement of pledge, and if the
pledged assets are outside of this state, the foreclosure of the pledge is governed by the laws of
the state where the pledge is located.
Status: in_force · Read it on the official government site
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