North Dakota § 6-03-57 Foreclosure of pledge contracts

North Dakota Statutes

§ 6-03-57 — Foreclosure of pledge contracts

North Dakota·Title 6 Banks and Banking·Ch. 6-03 Powers, Management, and Operation of Banks

Except as otherwise provided in chapter 6-07.2, no pledge made by an association may be
foreclosed except by an action in equity brought in the district court of the county in which the
pledgor association is located, except where assets are pledged by a state banking association
in order to secure borrowed money or the obligation of the association on rediscounted paper,
the rights of the pledgee must be determined by the terms of the agreement of pledge, and if the
pledged assets are outside of this state, the foreclosure of the pledge is governed by the laws of
the state where the pledge is located.

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Except as otherwise provided in chapter 6-07.2, no pledge made by an association may be
foreclosed except by an action in equity brought in the district court of the county in which the
pledgor association is located, except where assets are pledged by a state banking association
in order to secure borrowed money or the obligation of the association on rediscounted paper,
the rights of the pledgee must be determined by the terms of the agreement of pledge, and if the
pledged assets are outside of this state, the foreclosure of the pledge is governed by the laws of
the state where the pledge is located.

North Dakota § 6-03-57 (Foreclosure of pledge contracts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.