§ 6-03-55 — Powers of pledgee of bank assets

Holders of pledged or hypothecated notes or other evidences of indebtedness pledged by
state banking associations have the right to collect and enforce payment, and to renew or
extend the time of payment thereof for a period not longer than fifteen months, if no endorser,
guarantor, or joint maker would be released by such renewal or extension. Such holders also
have the right:
1. To accept from the makers of such pledged or hypothecated notes or other evidences
of debt, security, or additional security for the payment thereof.
2. To execute and give discharges and releases of instruments and securities to the
maker upon payment in full thereof.
3. To sell, assign, and transfer any note with the security pledged therefor.
The pledgee is entitled to be reimbursed from the pledged assets, or from the proceeds of the
sale thereof, for the reasonable and necessary expenses incurred and expended in collecting,
renewing, securing, and otherwise protecting the assets pledged or hypothecated to the
pledgee.