North Dakota § 4.1-83-24 Maintenance of action - Marshalling of assets

North Dakota Statutes

§ 4.1-83-24 — Maintenance of action - Marshalling of assets

North Dakota § 4.1-83-24

Title 4.1Agriculture

Ch. 4.1-83Livestock Dealers

This text of North Dakota § 4.1-83-24 (Maintenance of action - Marshalling of 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 § 4.1-83-24 (2026).

Text

1.The agriculture commissioner, as trustee, may in the name of the state upon its own relation but for the benefit of all claimants against the livestock dealer's bond, maintain suits or special proceedings upon the bond and against any person who has converted any of the livestock, for the purpose of marshalling all of the trust assets of the insolvent dealer and distributing the assets among the claimants.

2.However, recourse must be had against the bond before recourse is had against a person who knowingly and in good faith converted any of the livestock, unless the agriculture commissioner determines it necessary that all of the remedies be pursued at the same time.

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1. The agriculture commissioner, as trustee, may in the name of the state upon its own
relation but for the benefit of all claimants against the livestock dealer's bond, maintain
suits or special proceedings upon the bond and against any person who has converted
any of the livestock, for the purpose of marshalling all of the trust assets of the
insolvent dealer and distributing the assets among the claimants.
2. However, recourse must be had against the bond before recourse is had against a
person who knowingly and in good faith converted any of the livestock, unless the
agriculture commissioner determines it necessary that all of the remedies be pursued
at the same time.