North Dakota § 51-05.1-05 Handling of funds by clerk of auction sale

North Dakota Statutes

§ 51-05.1-05 — Handling of funds by clerk of auction sale

North Dakota § 51-05.1-05

Title 51Sales and Exchanges

Ch. 51-05.1Auctioneers' and Clerks' Licenses

This text of North Dakota § 51-05.1-05 (Handling of funds by clerk of auction sale) 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 § 51-05.1-05 (2026).

Text

Every clerk of an auction sale shall maintain in the clerk's name or firm name, a separate
trust account designated as such in a federally insured bank or other federally insured
depository in this state in which the clerk immediately shall deposit all funds not the clerk's own,
including funds in which the clerk may have some future interest or claim. A federally insured
depository located outside the state is not required to deposit funds in a depository in this state
if auction sale funds are deposited in a separate trust account designated in the clerk's
depository. A clerk may not commingle the clerk's personal funds or other funds in a trust
account except that a clerk may deposit and keep a sum of one thousand dollars in the account
from the clerk's personal funds, which sum must be

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Every clerk of an auction sale shall maintain in the clerk's name or firm name, a separate
trust account designated as such in a federally insured bank or other federally insured
depository in this state in which the clerk immediately shall deposit all funds not the clerk's own,
including funds in which the clerk may have some future interest or claim. A federally insured
depository located outside the state is not required to deposit funds in a depository in this state
if auction sale funds are deposited in a separate trust account designated in the clerk's
depository. A clerk may not commingle the clerk's personal funds or other funds in a trust
account except that a clerk may deposit and keep a sum of one thousand dollars in the account
from the clerk's personal funds, which sum must be specifically identified and deposited to cover
service charges related to the trust account. In conjunction with the account, the clerk shall
maintain at the clerk's usual place of business books, records, and other documents so that the
adequacy of the account may be determined at any time.