North Dakota § 4.1-58-50 Commissioner to marshall trust assets

North Dakota Statutes

§ 4.1-58-50 — Commissioner to marshall trust assets

North Dakota § 4.1-58-50

Title 4.1Agriculture

Ch. 4.1-58Grain and Seed Warehouses

This text of North Dakota § 4.1-58-50 (Commissioner to marshall trust assets) 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 § 4.1-58-50 (2026).

Text

Upon the commissioner's appointment, the commissioner may maintain suits at law or in
equity, or any special proceeding, in the name of this state, upon the commissioner's own
relation, but for the benefit of all receiptholders against: the insurers of grain; the
warehouseman's bond; a person that may have converted any grain; or a receiptholder that
received more than the receiptholder's just and pro rata share of grain, for the purpose of
marshalling all trust fund assets and distributing the same among the receiptholders. The
commissioner shall seek possession of any grain in the warehouse before recourse is had
against the insurers of grain, and the remedy against the insurers of grain must be exhausted
before recourse is had against the bond, and against the bond before recourse is ha

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Upon the commissioner's appointment, the commissioner may maintain suits at law or in
equity, or any special proceeding, in the name of this state, upon the commissioner's own
relation, but for the benefit of all receiptholders against: the insurers of grain; the
warehouseman's bond; a person that may have converted any grain; or a receiptholder that
received more than the receiptholder's just and pro rata share of grain, for the purpose of
marshalling all trust fund assets and distributing the same among the receiptholders. The
commissioner shall seek possession of any grain in the warehouse before recourse is had
against the insurers of grain, and the remedy against the insurers of grain must be exhausted
before recourse is had against the bond, and against the bond before recourse is had against
the person honestly converting grain, unless the commissioner deems it necessary to the
redemption of the receipts that all the above remedies be pursued at the same time.