N.D. Cent. Code § 6-07.2-03
This is the official text of N.D. Cent. Code § 6-07.2-03, 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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6-07.2-03. Notice of possession
Official statutory text
6-07.2-03. Notice of possession
1. Immediately upon taking possession of the business and property of an institution
under section 6-07.2-01, the commissioner shall give notice by:
a. Causing the notice to be served upon the president or other executive officer in
charge of the business of the institution;
b. Causing the notice to be provided to all correspondent banks of the institution.
However, if the commissioner fails to provide the notice, the commissioner shall
incur no liability for such failure to act; and
c. Causing the notice to be made public.
2. The rights and liabilities of an institution and of the institution's creditors, depositors,
shareholders, and all other persons interested in the institution's estate, unless
otherwise directed, must be fixed as of the date of the delivery of the notice of
possession to the president or other executive officer actively in charge of the business
of the institution. In the case of mutual debts or mutual credits of equal priority
between the institution and another person, the credits and debts must be setoff and
the balance only must be allowed or paid. The right to setoff must be determined as of
the date of delivery of the notice of possession of the institution to the president or
other executive officer actively in charge of the business of the institution.
1. Immediately upon taking possession of the business and property of an institution
under section 6-07.2-01, the commissioner shall give notice by:
a. Causing the notice to be served upon the president or other executive officer in
charge of the business of the institution;
b. Causing the notice to be provided to all correspondent banks of the institution.
However, if the commissioner fails to provide the notice, the commissioner shall
incur no liability for such failure to act; and
c. Causing the notice to be made public.
2. The rights and liabilities of an institution and of the institution's creditors, depositors,
shareholders, and all other persons interested in the institution's estate, unless
otherwise directed, must be fixed as of the date of the delivery of the notice of
possession to the president or other executive officer actively in charge of the business
of the institution. In the case of mutual debts or mutual credits of equal priority
between the institution and another person, the credits and debts must be setoff and
the balance only must be allowed or paid. The right to setoff must be determined as of
the date of delivery of the notice of possession of the institution to the president or
other executive officer actively in charge of the business of the institution.
Status: in_force · Read it on the official government site
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