A depositary who believes that a thing deposited with the depositary is detained wrongfully from its true owner may give the true owner notice of the deposit. If within a reasonable time afterward the true owner does not claim it and sufficiently establish the true owner’s right thereto and indemnify the depositary against the claim of the depositor, the depositary is exonerated from liability to the person to whom the depositary gave the notice, upon returning the thing to the depositor, or assuming in good faith a new obligation changing the depositary’s position in respect to the thing to the depositary’s prejudice.

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Terms Used In North Dakota Code 60-01-17

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49