North Dakota Code 4.1-59-25 – Notice to receiptholders and credit-sale contract claimants
1. Upon the commissioner‘s appointment, the commissioner may take possession of relevant books and records of the licensee.
Terms Used In North Dakota Code 4.1-59-25
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- week: means seven consecutive days and the word "month" a calendar month. See North Dakota Code 1-01-33
2. If the insolvency involves a roving grain buyer, the commissioner shall publish a notice of the commissioner’s appointment once each week for two consecutive weeks in all daily newspapers in the state and may notify, by ordinary mail, the holders of record of outstanding receipts and those that are potential credit-sale contract claimants, disclosed by the licensee’s records.
3. If the insolvency involves a grain processor, the notice must be published once each week for two consecutive weeks in a newspaper in the county in which the facility is located.
4. The notice must require outstanding receiptholders and credit-sale contract claimants to file claims with the commissioner along with the receipts, contracts, or other evidence of the claims required by the commissioner.
5. If an outstanding receiptholder or credit-sale contract claimant fails to submit a claim within forty-five days after the last publication of the notice or a longer time set by the commissioner, the commissioner is relieved of further duty in the administration of the insolvency on behalf of the receiptholder or credit-sale contract claimant and the receiptholder may be barred from participation in the trust fund, and the credit-sale contract claimant may be barred from payment for any amount due.
6. Outstanding receiptholders and credit-sale contract claimants are not parties to the insolvency action unless admitted by the court upon a motion for intervention.