N.D. Cent. Code § 6-09.16-06
This is the official text of N.D. Cent. Code § 6-09.16-06, 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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6-09.16-06. Powers of Bank of North Dakota
Official statutory text
6-09.16-06. Powers of Bank of North Dakota
The Bank of North Dakota may do all acts or things necessary to negotiate loans and
preserve security under this chapter, including the power to take such security as deemed
necessary, to exercise any right of redemption, and to bring suit in order to collect interest and
principal due the loan fund under mortgages, contracts, and notes executed to obtain loans
under the provisions of this chapter. If the applicant's plan for financing provides for a loan of
funds from sources other than the state of North Dakota, the Bank of North Dakota may take a
subordinate security interest. The Bank may recover from the loan fund amounts actually
expended by it for legal fees and to effect a redemption.
The Bank of North Dakota may do all acts or things necessary to negotiate loans and
preserve security under this chapter, including the power to take such security as deemed
necessary, to exercise any right of redemption, and to bring suit in order to collect interest and
principal due the loan fund under mortgages, contracts, and notes executed to obtain loans
under the provisions of this chapter. If the applicant's plan for financing provides for a loan of
funds from sources other than the state of North Dakota, the Bank of North Dakota may take a
subordinate security interest. The Bank may recover from the loan fund amounts actually
expended by it for legal fees and to effect a redemption.
Status: in_force · Read it on the official government site
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