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 § 4.1-58-47

Title 4.1Agriculture

Ch. 4.1-58Grain and Seed Warehouses

This text of North Dakota § 4.1-58-47 (Joinder of surety - Deposit of proceeds) 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 § 4.1-58-47 (2026).

Text

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.

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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.