The record lienholder of any lien against property on which a lien has been filed under this chapter may pay the amount due on the lien at any time before a sale upon the foreclosure of the property. Upon payment of the lien by a lienholder, the holder of the lien shall assign it to the lienholder, and the lienholder then is entitled to all the rights which the person filing the lien had before the lien was paid.

Terms Used In North Dakota Code 35-13-06

  • 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.
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
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