North Dakota § 54-30-17 Bank of North Dakota to collect obligations secured by mortgage

North Dakota Statutes

§ 54-30-17 — Bank of North Dakota to collect obligations secured by mortgage

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

If the obligation secured by any mortgage held by the state treasurer under the provisions of
this chapter is not performed by the mortgagor according to its terms, or if any condition
expressed in any such mortgage is not performed and kept according to its terms, the state
treasurer shall certify the facts to the president of the Bank of North Dakota, who shall proceed
as agent of the state treasurer as trustee for the state of North Dakota, by foreclosure or
otherwise, to make collection of the obligation secured. The Bank of North Dakota shall make
collection of the principal and interest on all mortgages taken under the provisions of this
chapter.

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If the obligation secured by any mortgage held by the state treasurer under the provisions of
this chapter is not performed by the mortgagor according to its terms, or if any condition
expressed in any such mortgage is not performed and kept according to its terms, the state
treasurer shall certify the facts to the president of the Bank of North Dakota, who shall proceed
as agent of the state treasurer as trustee for the state of North Dakota, by foreclosure or
otherwise, to make collection of the obligation secured. The Bank of North Dakota shall make
collection of the principal and interest on all mortgages taken under the provisions of this
chapter.

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