North Dakota § 32-10.1-07 Receiver's bond - Alternative security

North Dakota Statutes

§ 32-10.1-07 — Receiver's bond - Alternative security

North Dakota § 32-10.1-07

Title 32Judicial Remedies

Ch. 32-10.1Uniform Commercial Real Estate Receivership Act

This text of North Dakota § 32-10.1-07 (Receiver's bond - Alternative security) 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 § 32-10.1-07 (2026).

Text

1.Except as provided under subsection 2, a receiver shall post a bond with the court which:

a.Is conditioned on the faithful discharge of the receiver's duties;

b.Has one or more sureties approved by the court;

c.Is in an amount the court specifies; and

d.Is effective as of the date of the receiver's appointment.

2.The court may approve the posting by a receiver with the court of alternative security, including a letter of credit or deposit of funds. The receiver may not use receivership property as alternative security. Interest that accrues on deposited funds must be paid to the receiver on the receiver's discharge.

3.The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this section.

4.A claim against a receiver's bond o

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1. Except as provided under subsection 2, a receiver shall post a bond with the court
which:
a. Is conditioned on the faithful discharge of the receiver's duties;
b. Has one or more sureties approved by the court;
c. Is in an amount the court specifies; and
d. Is effective as of the date of the receiver's appointment.
2. The court may approve the posting by a receiver with the court of alternative security,
including a letter of credit or deposit of funds. The receiver may not use receivership
property as alternative security. Interest that accrues on deposited funds must be paid
to the receiver on the receiver's discharge.
3. The court may authorize a receiver to act before the receiver posts the bond or
alternative security required by this section.
4. A claim against a receiver's bond or alternative security must be made not later than
twelve months after the date the receiver is discharged.