North Dakota Code 4.1-61-08 – Reimbursement for later insolvencies
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The commissioner shall ensure all persons eligible for payment from the indemnity fund as a result of an insolvency are fully compensated to the extent permitted by this chapter before any payments from the indemnity fund are initiated as a result of a later insolvency. The chronological order of insolvencies is determined by the date the commissioner is appointed trustee under section 4.1-58-40 or 4.1-59-21.
Terms Used In North Dakota Code 4.1-61-08
- Commissioner: means the agriculture commissioner or the designee or authorized representative of the commissioner. See North Dakota Code 4.1-01-01
- Trustee: A person or institution holding and administering property in trust.