§ 54-30-14 — Money paid on assigned mortgage held in separate fund by Bank of North Dakota

North Dakota § 54-30-14

• Jurisdiction: North Dakota
• Title 54: State Government
• Ch. 54-30: Bonds of North Dakota, Real Estate Series

Text

Dakota.
The Bank shall deposit the moneys paid on a mortgage assigned under this chapter into a
separate fund designated as the real estate bond sinking fund. In this fund must be placed all
sums collected for the purpose of retiring the principal of the bonds at their maturity and paying
the interest thereon when due, except an administration fee which may be retained by the Bank.
Payments may be made out of the fund only for the purpose for which it is created. The fund
must be kept apart from all other funds in the possession of the Bank. The Bank also shall keep
in the fund, as a part thereof for the same purpose, in the same manner, and under the same
limitations and conditions, all moneys received whether from the proceeds of taxes or from
payments made by the industrial commission or from legislative appropriations or otherwise,
which must be by law or by other authoritative designation made applicable to the payment of
the principal of the bonds or the interest thereon.