North Dakota Code 32-19.2-04 – Compensation of trustee and distribution of funds
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Upon the trustee‘s account becoming final, the trustee shall pay all remaining funds, less the trustee’s fee and expenses, to the mortgagor or contract vendee or to such other person as may be otherwise provided by law. The trustee is entitled to a fee as set by the court. All expenses incurred by the trustee in performing duties under this chapter must be reimbursed out of available funds.
Terms Used In North Dakota Code 32-19.2-04
- Contract: A legal written agreement that becomes binding when signed.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Trustee: A person or institution holding and administering property in trust.