North Dakota § 6-03-61 Excessive loan - Validity - Penalty - Personal liability

North Dakota Statutes

§ 6-03-61 — Excessive loan - Validity - Penalty - Personal liability

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

Whenever a state banking association allows any person, copartnership, or corporation to
become indebted to it, directly or indirectly, in excess of the amount, exclusive of interest,
permitted by this title, the officer, director, or employee thereof willfully permitting or approving
such loan is guilty of a class B misdemeanor, and in addition thereto, is liable personally to the
association for the amount of such loan in excess of the statutory limit. Unauthorized loans,
however, are not invalid.

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Whenever a state banking association allows any person, copartnership, or corporation to
become indebted to it, directly or indirectly, in excess of the amount, exclusive of interest,
permitted by this title, the officer, director, or employee thereof willfully permitting or approving
such loan is guilty of a class B misdemeanor, and in addition thereto, is liable personally to the
association for the amount of such loan in excess of the statutory limit. Unauthorized loans,
however, are not invalid.

North Dakota § 6-03-61 (Excessive loan - Validity - Penalty - Personal liability) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.