North Dakota Code 13-01-04 – Marshalling funds – Rights of creditors
Current as of: 2023 | Check for updates
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When a creditor is entitled to resort to each of several funds for the satisfaction of the creditor’s claim and another person has an interest in, or is entitled as a creditor to resort to, some but not all of them, the latter may require the former to seek satisfaction from those funds to which the latter has no such claim so far as it can be done without impairing the right of the former to complete satisfaction and without doing injustice to third persons. This section does not apply to execution sales of real estate mortgage foreclosures.
Terms Used In North Dakota Code 13-01-04
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- third persons: includes all who are not parties to the obligation or transaction concerning which the phrase is used. See North Dakota Code 1-01-30