North Dakota Code 4.1-61-01 – Credit-sale contracts – Assessment on grain – Submission of assessment
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An assessment at the rate of two-tenths of one percent is placed on the value of all grain sold in this state under a credit-sale contract, as provided for in sections 4.1-58-17 and 4.1-59-13. he licensee purchasing the grain shall note the assessment on the contract required under sections 4.1-58-21 and 4.1-59-14 and shall deduct the assessment from the purchase price payable to the seller. The licensee shall submit any assessment collected under this section to the commissioner no later than thirty days after each calendar quarter. The commissioner shall deposit the assessments received under this section in the credit-sale contract indemnity fund.
Terms Used In North Dakota Code 4.1-61-01
- Commissioner: means the agriculture commissioner or the designee or authorized representative of the commissioner. See North Dakota Code 4.1-01-01
- Contract: A legal written agreement that becomes binding when signed.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49