North Dakota Code 4.1-61-05 – Credit-sale contract indemnity fund – Availability of money
Current as of: 2023 | Check for updates
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Upon the insolvency of a licensed warehouse or a grain buyer and a declaration the commissioner serve as the trustee, the commissioner shall make the proceeds of the credit-sale contract indemnity fund available for use in meeting the licensee’s obligations with respect to the reimbursement of a person that sold grain to the licensee under a credit-sale contract and who was not fully compensated in accordance with the contract.
Terms Used In North Dakota Code 4.1-61-05
- Commissioner: means the agriculture commissioner or the designee or authorized representative of the commissioner. See North Dakota Code 4.1-01-01
- 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
- Trustee: A person or institution holding and administering property in trust.