North Dakota § 10-15-47 Liquidation under court supervision

North Dakota Statutes

§ 10-15-47 — Liquidation under court supervision

North Dakota § 10-15-47

Title 10Corporations

Ch. 10-15Cooperative Associations

This text of North Dakota § 10-15-47 (Liquidation under court supervision) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 10-15-47 (2026).

Text

1.The district court of the county where the principal office or registered agent of the cooperative is located may liquidate the assets and business of such cooperative when an action for that purpose is filed by or on behalf of:

a.A majority of the designated committee or directors when a resolution is adopted pursuant to section 10-15-45.

b.The attorney general when a decree of dissolution has been obtained pursuant to section 10-15-46.

c.A judgment creditor whose execution is returned unsatisfied when it is established that the cooperative is unable to pay its debts as they become due in the usual course of its business.

d.Any creditor when it is established that the cooperative is dissolving pursuant to section 10-15-45 without making adequate provision for payment of all credito

Free access — add to your briefcase to read the full text and ask questions with AI

1. The district court of the county where the principal office or registered agent of the
cooperative is located may liquidate the assets and business of such cooperative
when an action for that purpose is filed by or on behalf of:
a. A majority of the designated committee or directors when a resolution is adopted
pursuant to section 10-15-45.
b. The attorney general when a decree of dissolution has been obtained pursuant to
section 10-15-46.
c. A judgment creditor whose execution is returned unsatisfied when it is
established that the cooperative is unable to pay its debts as they become due in
the usual course of its business.
d. Any creditor when it is established that the cooperative is dissolving pursuant to
section 10-15-45 without making adequate provision for payment of all creditors.
2. Upon filing of any such action, the court acquires exclusive jurisdiction of all matter
pertaining to the liquidation of such cooperative and the distribution of its assets to
persons entitled thereto and may determine and order paid the expense of such
liquidation proceeding. The court has power to issue injunctions, appoint receivers with
such duties and powers as the court may direct, and take any other action necessary
to the cooperative's liquidation. A receiver appointed in such proceeding has authority
to sue and be sued as receiver for the cooperative.
3. The court shall fix the time within which creditors may file claims and shall prescribe
the notice to be given to interested persons. Creditors who do not file their claims
within the time limit may not participate in any distribution thereafter made, unless the
court upon good cause shown extends their time for filing.
4. When the court approves the final distribution of a cooperative's assets, it shall enter a
decree in the nature of articles of dissolution which shall be filed in the secretary of
state's office.

5. The filing of an action under this section operates as a stay of all other proceedings
against the cooperative until such time as the court issues its final judgment or directs
otherwise.
6. The court upon proper cause shown may at any time order the proceedings dismissed
upon such terms and conditions as the court may impose.