North Dakota Code 25-01-12 – Drawing of funds – Sale of lands – Release of mortgages – Appropriations limit power to contract
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Moneys appropriated or given to any institution mentioned in this chapter shall be expended only upon order of the supervising officer. The supervising officer, however, does not have the power to bind the state for any purpose in connection with any such institution beyond the amount of the appropriation which may have been made to such institution for such purpose, nor to sell or convey any part of the real estate belonging to any such institution without the consent of the legislative assembly, except that it may release any mortgage or convey any real estate which may have been received by it through any gift, bequest, or devise or upon any trust, the terms of which authorize such satisfaction or conveyance.
Terms Used In North Dakota Code 25-01-12
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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