North Dakota § 26.1-12-25 Directors and treasurer of mutual insurance company personally liable for not making and collecting assessments

North Dakota Statutes

§ 26.1-12-25 — Directors and treasurer of mutual insurance company personally liable for not making and collecting assessments

North Dakota § 26.1-12-25

Title 26.1Insurance

Ch. 26.1-12Incorporated Mutual Insurance Companies

This text of North Dakota § 26.1-12-25 (Directors and treasurer of mutual insurance company personally liable for not making and collecting assessments) 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 § 26.1-12-25 (2026).

Text

not making and collecting assessments.
If the directors of any mutual insurance company neglect or omit for the space of six months
to lay, or to use reasonable diligence to collect, any assessment which the board of directors is
required to make, they are liable personally for all debts and claims then outstanding against the
company or that may accrue until the assessment is laid and put in process of collection. If the
treasurer of the company unreasonably neglects to collect an assessment made by order of the
board of directors and to apply the assessment to the payment of the claims for which it was
made, the treasurer is liable personally to the parties having the claims for the amount of the
assessment. The treasurer may repay oneself out of any money afterwards received for the
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not making and collecting assessments.
If the directors of any mutual insurance company neglect or omit for the space of six months
to lay, or to use reasonable diligence to collect, any assessment which the board of directors is
required to make, they are liable personally for all debts and claims then outstanding against the
company or that may accrue until the assessment is laid and put in process of collection. If the
treasurer of the company unreasonably neglects to collect an assessment made by order of the
board of directors and to apply the assessment to the payment of the claims for which it was
made, the treasurer is liable personally to the parties having the claims for the amount of the
assessment. The treasurer may repay oneself out of any money afterwards received for the
company on account of the assessment.