North Dakota Code 35-22-20 – Redemption – Who may redeem – Notice to officer making sale
The property sold may be redeemed in like manner and with the same effect as is provided for redemption of real property sold upon execution in chapter 28-24 so far as the same may be applicable by:
Terms Used In North Dakota Code 35-22-20
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. The mortgagor or the mortgagor’s successor in interest of the whole or any part of the property.
2. A creditor having a lien by judgment or mortgage on the property sold, or on some share or part thereof, subsequent to that on which the property was sold.
Such creditor is termed a redemptioner and has all the rights of a redemptioner under that chapter, and the mortgagor or the mortgagor’s successor in interest has all the rights of the judgment debtor and the judgment debtor’s successor in interest as provided therein. The notice of redemption required to be given to the sheriff under that chapter, in foreclosure by advertisement, may be given to the officer making the sale.