North Dakota Code 6-07.2-10 – Rejection of contracts and leases
Current as of: 2023 | Check for updates
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1. Within one hundred eighty days after the date the commissioner has taken possession, the receiver may reject:
Terms Used In North Dakota Code 6-07.2-10
- Commissioner: means the commissioner of financial institutions. See North Dakota Code 6-01-02
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
a. An executory contract to which the closed institution is a party without any further liability to the closed institution or the receiver; and
b. An obligation of the institution as a lessee of real or personal property.
2. The receiver’s election to reject a lease does not create a claim for rent other than rent accrued to the date of termination.