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

North Dakota Statutes

§ 6-03-57 — Foreclosure of pledge contracts

North Dakota § 6-03-57

Title 6Banks and Banking

Ch. 6-03Powers, Management, and Operation of Banks

This text of North Dakota § 6-03-57 (Foreclosure of pledge contracts) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 6-03-57 (2026).

Text

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.