North Dakota § 4.1-58-47 Joinder of surety - Deposit of proceeds

North Dakota Statutes

§ 4.1-58-47 — Joinder of surety - Deposit of proceeds

North Dakota·Title 4.1 Agriculture·Ch. 4.1-58 Grain and Seed Warehouses

The surety on the warehouseman's bond must be joined as a party to the insolvency
proceeding upon a motion by the commissioner if the commissioner believes proceeds from the
warehouseman's bond may be needed to redeem outstanding receipts issued by the
warehouseman. If it appears in the best interests of the receiptholders, the commissioner may
order the surety to deposit the penal sum of the bond, or so much of the sum as may be
deemed necessary, into the trustee's trust account pending a final determination of the surety's
liability under the bond.

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

The surety on the warehouseman's bond must be joined as a party to the insolvency
proceeding upon a motion by the commissioner if the commissioner believes proceeds from the
warehouseman's bond may be needed to redeem outstanding receipts issued by the
warehouseman. If it appears in the best interests of the receiptholders, the commissioner may
order the surety to deposit the penal sum of the bond, or so much of the sum as may be
deemed necessary, into the trustee's trust account pending a final determination of the surety's
liability under the bond.

North Dakota § 4.1-58-47 (Joinder of surety - Deposit of proceeds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.