N.D. Cent. Code § 6-07.2-04
This is the official text of N.D. Cent. Code § 6-07.2-04, 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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6-07.2-04. Appointment of receiver - Restrictions on proceedings, liens, or credits - Bonding
Official statutory text
6-07.2-04. Appointment of receiver - Restrictions on proceedings, liens, or credits -
Bonding.
1. After taking possession of the business and property of the institution, the
commissioner may appoint the appropriate federal deposit insurance agency or other
qualified party as the receiver of the closed institution. If the federal deposit insurance
corporation or national credit union association accepts appointment as receiver, the
federal deposit insurance corporation or national credit union association is not
required to post bond.
2. Upon appointment as receiver, title to all assets of the institution vests in the receiver
without the execution of any instruments of conveyance, assignment, transfer, or
endorsement. If no other receiver is appointed as provided in this chapter, the
commissioner shall act as receiver and has all of the powers and duties of a receiver
as provided in this chapter.
3. Except as otherwise provided, the sole and exclusive right to liquidate and terminate
the affairs of an institution is vested in the receiver appointed under this section, and
another receiver, assignee, trustee, or liquidating agent may not be appointed by any
court or any other person.
4. After the commissioner has taken possession of the business and property of an
institution, a suit, action, or other proceeding at law or in equity may not be
commenced or prosecuted against the institution upon any debt, obligation, claim, or
demand. All such claims may be brought against the receiver.
5. A person holding any of the property or credits of the institution does not have a lien or
charge against the property or credits for any payment, advance, or clearance made
after the commissioner has taken possession. A lien may not attach to any of the
assets or property of the institution by reason of the entry of any judgment recovered
against the institution after the commissioner has taken possession of the institution's
business and property.
6. Every receiver appointed by the commissioner, except a federal deposit insurance
agency, before entering upon the discharge of the receiver's duties and before
proceeding to liquidate the affairs of any institution, may be required by the
commissioner to furnish a bond. Such bond must be approved as to form and amount
by the commissioner. The cost of such bond must be paid from the assets of the
institution being liquidated.
Bonding.
1. After taking possession of the business and property of the institution, the
commissioner may appoint the appropriate federal deposit insurance agency or other
qualified party as the receiver of the closed institution. If the federal deposit insurance
corporation or national credit union association accepts appointment as receiver, the
federal deposit insurance corporation or national credit union association is not
required to post bond.
2. Upon appointment as receiver, title to all assets of the institution vests in the receiver
without the execution of any instruments of conveyance, assignment, transfer, or
endorsement. If no other receiver is appointed as provided in this chapter, the
commissioner shall act as receiver and has all of the powers and duties of a receiver
as provided in this chapter.
3. Except as otherwise provided, the sole and exclusive right to liquidate and terminate
the affairs of an institution is vested in the receiver appointed under this section, and
another receiver, assignee, trustee, or liquidating agent may not be appointed by any
court or any other person.
4. After the commissioner has taken possession of the business and property of an
institution, a suit, action, or other proceeding at law or in equity may not be
commenced or prosecuted against the institution upon any debt, obligation, claim, or
demand. All such claims may be brought against the receiver.
5. A person holding any of the property or credits of the institution does not have a lien or
charge against the property or credits for any payment, advance, or clearance made
after the commissioner has taken possession. A lien may not attach to any of the
assets or property of the institution by reason of the entry of any judgment recovered
against the institution after the commissioner has taken possession of the institution's
business and property.
6. Every receiver appointed by the commissioner, except a federal deposit insurance
agency, before entering upon the discharge of the receiver's duties and before
proceeding to liquidate the affairs of any institution, may be required by the
commissioner to furnish a bond. Such bond must be approved as to form and amount
by the commissioner. The cost of such bond must be paid from the assets of the
institution being liquidated.
Status: in_force · Read it on the official government site
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