North Dakota Code 28-24-02 – Payment on and period of redemption
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The judgment debtor or redemptioner may redeem the property from the purchaser during the redemption period by paying the amount of the bid and any additional lien claimed under section 28-24-07 with interest at the rate provided in the original instrument on which the judgment is based. If the purchaser is also a creditor having a lien superior to that of the redemptioner, the amount of that prior lien with interest must be paid to effect a redemption. Except as provided in section 32-19-18 for redemption from foreclosure sales, the redemption period is one year from the date of the sheriff’s sale.
Terms Used In North Dakota Code 28-24-02
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- year: means twelve consecutive months. See North Dakota Code 1-01-33