North Dakota Code 35-22-22 – Disposition of proceeds of sale
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If after the sale there remains in the hands of the officer making the sale any surplus money after satisfying the mortgage on the real property sold and after payment of the costs and expenses of the foreclosure and sale, the surplus must be held by such officer for a period of thirty days after the sale unless some person who at the time of the sale had an interest in or lien upon the property sold or some part thereof serves a written notice upon such officer of a claim to the surplus or some part thereof. If no notice of claim is served within the period aforesaid, the officer, upon the expiration of the period and upon demand, shall pay over the surplus to the mortgagor, the mortgagor’s legal representatives, or assigns.
Terms Used In North Dakota Code 35-22-22
- 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.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37