North Dakota Code 4.1-61-04 – Credit-sale contract indemnity fund – Eligibility for reimbursement
Current as of: 2023 | Check for updates
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A person is eligible to receive indemnity payments from the credit-sale contract indemnity fund if:
Terms Used In North Dakota Code 4.1-61-04
- Contract: A legal written agreement that becomes binding when signed.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- 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
1. After August 1, 2003, the person sold grain to a licensed warehouse or a grain buyer in this state under a credit-sale contract; 2. The licensed warehouse to which the person sold grain or the grain buyer to which the person sold grain becomes insolvent; and
3. The licensed warehouse or the grain buyer, as a result of the insolvency, does not fully compensate the person in accordance with the credit-sale contract.