N.D. Cent. Code § 6-09.7-06
This is the official text of N.D. Cent. Code § 6-09.7-06, 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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6-09.7-06. Procedure on default of guaranteed loan
Official statutory text
6-09.7-06. Procedure on default of guaranteed loan
Whenever it appears to the satisfaction of the Bank of North Dakota that a guaranteed loan
is in default, and the eligible lender has certified this fact to the Bank, the Bank shall reimburse
the eligible lender making the loan from the reserve fund to the extent the loan was guaranteed
by the fund. Whenever payment of the guaranteed principal balance of any guaranteed loan is
demanded of the Bank, the note and accompanying evidence of the loan must be tendered to
the Bank in manner and form to confer good title so that the loan may be collected by the Bank
as it may determine according to law. No statute of limitations may be used as a defense
against collection, through court proceedings, of any loan guaranteed under this chapter.
Whenever it appears to the satisfaction of the Bank of North Dakota that a guaranteed loan
is in default, and the eligible lender has certified this fact to the Bank, the Bank shall reimburse
the eligible lender making the loan from the reserve fund to the extent the loan was guaranteed
by the fund. Whenever payment of the guaranteed principal balance of any guaranteed loan is
demanded of the Bank, the note and accompanying evidence of the loan must be tendered to
the Bank in manner and form to confer good title so that the loan may be collected by the Bank
as it may determine according to law. No statute of limitations may be used as a defense
against collection, through court proceedings, of any loan guaranteed under this chapter.
Status: in_force · Read it on the official government site
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