§ 51-18-05 — Evidence of indebtedness

North Dakota § 51-18-05

• Jurisdiction: North Dakota
• Title 51: Sales and Exchanges
• Ch. 51-18: Regulation of Home Solicitation Sales

Text

1. A note or other evidence of indebtedness given by a buyer in respect of a personal
solicitation sale must be dated not earlier than the date of the agreement or offer to
purchase. Any transfer of a note or other evidence of indebtedness bearing the
statement required by subsection 2 must be deemed an assignment only and any
right, title, or interest which the transferee may acquire thereby is subject to all claims
and defenses of the buyer against the seller pursuant to this chapter.
2. Each note or other evidence of indebtedness given by a buyer in respect of a personal
solicitation sale must bear on its face a conspicuous statement as follows: "This
instrument is based upon a personal solicitation sale, which is subject to the provisions
of the North Dakota Century Code. This instrument is not negotiable."
3. Compliance with the requirements of this section is a condition precedent to any claim
for relief by the seller or any transferee of an instrument bearing the statement
required under subsection 2 against the buyer upon such instrument and must be

pleaded and proved by any person who may institute an action or suit against a buyer
in respect thereof.