North Dakota § 4.1-61-14 Subrogation

North Dakota Statutes

§ 4.1-61-14 — Subrogation

North Dakota·Title 4.1 Agriculture·Ch. 4.1-61 Credit-Sale Contract Indemnity

Money paid from the credit-sale contract indemnity fund in satisfaction of a valid claim
constitutes a debt obligation of the person against which the claim was made. The
commissioner may take action on behalf of the fund against a person to recover the amount of
payment made, plus costs and attorney's fees. Recovery for reimbursement to the fund must
include interest computed at the weight average prime rate charged by the Bank of North
Dakota. Upon payment of a claim from the credit-sale contract indemnity fund, the claimant shall
subrogate the interest of the claimant, if any, to the commissioner in a cause of action against all
parties, to the amount of the loss that the claimant was reimbursed by the fund.

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Money paid from the credit-sale contract indemnity fund in satisfaction of a valid claim
constitutes a debt obligation of the person against which the claim was made. The
commissioner may take action on behalf of the fund against a person to recover the amount of
payment made, plus costs and attorney's fees. Recovery for reimbursement to the fund must
include interest computed at the weight average prime rate charged by the Bank of North
Dakota. Upon payment of a claim from the credit-sale contract indemnity fund, the claimant shall
subrogate the interest of the claimant, if any, to the commissioner in a cause of action against all
parties, to the amount of the loss that the claimant was reimbursed by the fund.

North Dakota § 4.1-61-14 (Subrogation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.