N.D. Cent. Code § 6-03-59.1
This is the official text of N.D. Cent. Code § 6-03-59.1, 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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6-03-59.1. Leasing of personal property - Limitation on term and amount
Official statutory text
6-03-59.1. Leasing of personal property - Limitation on term and amount
A bank may become the owner and lessor of personal property upon the specific request of
and for the use of a customer. The term of the lease may not exceed twenty years and all such
leases must provide for the payment of at least annual rentals, the total of which must at least
equal the cost to the bank of the personal property so leased. The total leasing obligation or
rentals to a bank will be a part of the total liability limitations of any borrower as set forth in
section 6-03-59.
A bank may become the owner and lessor of personal property upon the specific request of
and for the use of a customer. The term of the lease may not exceed twenty years and all such
leases must provide for the payment of at least annual rentals, the total of which must at least
equal the cost to the bank of the personal property so leased. The total leasing obligation or
rentals to a bank will be a part of the total liability limitations of any borrower as set forth in
section 6-03-59.
Status: in_force · Read it on the official government site
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