N.D. Cent. Code § 6-03-61
This is the official text of N.D. Cent. Code § 6-03-61, 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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6-03-61. Excessive loan - Validity - Penalty - Personal liability
Official statutory text
6-03-61. Excessive loan - Validity - Penalty - Personal liability
Whenever a state banking association allows any person, copartnership, or corporation to
become indebted to it, directly or indirectly, in excess of the amount, exclusive of interest,
permitted by this title, the officer, director, or employee thereof willfully permitting or approving
such loan is guilty of a class B misdemeanor, and in addition thereto, is liable personally to the
association for the amount of such loan in excess of the statutory limit. Unauthorized loans,
however, are not invalid.
Whenever a state banking association allows any person, copartnership, or corporation to
become indebted to it, directly or indirectly, in excess of the amount, exclusive of interest,
permitted by this title, the officer, director, or employee thereof willfully permitting or approving
such loan is guilty of a class B misdemeanor, and in addition thereto, is liable personally to the
association for the amount of such loan in excess of the statutory limit. Unauthorized loans,
however, are not invalid.
Status: in_force · Read it on the official government site
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