North Dakota § 40-35-18 Court may direct receiver to surrender possession of undertaking

North Dakota Statutes

§ 40-35-18 — Court may direct receiver to surrender possession of undertaking

North Dakota § 40-35-18

Title 40Municipal Government

Ch. 40-35Revenue Bond Law

This text of North Dakota § 40-35-18 (Court may direct receiver to surrender possession of undertaking) 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 § 40-35-18 (2026).

Text

After all that is due upon the revenue bonds, including the interest thereon, and upon any
other notes, bonds, or other obligations, including the interest thereon, which are a charge, lien,
or encumbrance on the revenues of the undertaking under any of the terms of any covenants or
agreements with bondholders, shall have been paid or deposited as provided therein, and all
defaults shall have been cured and made good, the court, in its discretion and after such notice
and hearing as it deems reasonable and proper, may direct the receiver to surrender the
possession of the undertaking to the municipality. The holders of the bonds shall have the same
right to secure the appointment of a receiver upon any subsequent default as is provided in this
chapter in the case of an original default.

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After all that is due upon the revenue bonds, including the interest thereon, and upon any
other notes, bonds, or other obligations, including the interest thereon, which are a charge, lien,
or encumbrance on the revenues of the undertaking under any of the terms of any covenants or
agreements with bondholders, shall have been paid or deposited as provided therein, and all
defaults shall have been cured and made good, the court, in its discretion and after such notice
and hearing as it deems reasonable and proper, may direct the receiver to surrender the
possession of the undertaking to the municipality. The holders of the bonds shall have the same
right to secure the appointment of a receiver upon any subsequent default as is provided in this
chapter in the case of an original default.