§ 4.1-59-25 — Notice to receiptholders and credit-sale contract claimants

North Dakota § 4.1-59-25

• Jurisdiction: North Dakota
• Title 4.1: Agriculture
• Ch. 4.1-59: Grain Buyers

Text

1. Upon the commissioner's appointment, the commissioner may take possession of
relevant books and records of the licensee.
2. If the insolvency involves a roving grain buyer, the commissioner shall publish a notice
of the commissioner's appointment once each week for two consecutive weeks in all
daily newspapers in the state and may notify, by ordinary mail, the holders of record of
outstanding receipts and those that are potential credit-sale contract claimants,
disclosed by the licensee's records.
3. If the insolvency involves a grain processor, the notice must be published once each
week for two consecutive weeks in a newspaper in the county in which the facility is
located.
4. The notice must require outstanding receiptholders and credit-sale contract claimants
to file claims with the commissioner along with the receipts, contracts, or other
evidence of the claims required by the commissioner.
5. If an outstanding receiptholder or credit-sale contract claimant fails to submit a claim
within forty-five days after the last publication of the notice or a longer time set by the
commissioner, the commissioner is relieved of further duty in the administration of the
insolvency on behalf of the receiptholder or credit-sale contract claimant and the
receiptholder may be barred from participation in the trust fund, and the credit-sale
contract claimant may be barred from payment for any amount due.
6. Outstanding receiptholders and credit-sale contract claimants are not parties to the
insolvency action unless admitted by the court upon a motion for intervention.