North Dakota § 26.1-06.1-39 Claims of surety

North Dakota Statutes

§ 26.1-06.1-39 — Claims of surety

North Dakota § 26.1-06.1-39

Title 26.1Insurance

Ch. 26.1-06.1Insurance Company Rehabilitation and Liquidation

This text of North Dakota § 26.1-06.1-39 (Claims of surety) 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 § 26.1-06.1-39 (2026).

Text

Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the
undertaking of another person, fails to prove and file that claim, the other person may do so in
the creditor's name, and must be subrogated to the rights of the creditor, whether the claim has
been filed by the creditor or by the other person in the creditor's name, to the extent that the
other person discharges the undertaking. In the absence of an agreement with the creditor to
the contrary, the other person is not entitled to any distribution; however, until the amount paid
to the creditor on the undertaking plus the distributions paid on the claim from the insurer's
estate to the creditor equals the amount of the entire claim of the creditor. Any excess received
by the creditor must be held by t

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

Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the
undertaking of another person, fails to prove and file that claim, the other person may do so in
the creditor's name, and must be subrogated to the rights of the creditor, whether the claim has
been filed by the creditor or by the other person in the creditor's name, to the extent that the
other person discharges the undertaking. In the absence of an agreement with the creditor to
the contrary, the other person is not entitled to any distribution; however, until the amount paid
to the creditor on the undertaking plus the distributions paid on the claim from the insurer's
estate to the creditor equals the amount of the entire claim of the creditor. Any excess received
by the creditor must be held by the creditor in trust for such other person. The term "other
person" as used in this section is not intended to apply to a guaranty association or foreign
guaranty association.