North Dakota Code 47-19-57 – Authority of mortgagee designated as nominee or agent – Retroactive application
1. An assignment, satisfaction, or release is entitled to be recorded in the office of the county recorder and is sufficient to assign, satisfy, or release a mortgage if:
Terms Used In North Dakota Code 47-19-57
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
a. A mortgage is granted to a mortgagee as nominee or agent for a third party identified in the mortgage, and the third party’s successors and assigns; b. A subsequent assignment, satisfaction, or release of the mortgage is executed by the mortgagee or the third party, its successors or assigns; and
c. The assignment, satisfaction, or release is in recordable form.
2. The county recorder shall rely upon the recorded assignment, satisfaction, or release in subsection 1 to assign, satisfy, or release the mortgage.
3. This section applies to any mortgage assignment, satisfaction, or release executed, recorded, or filed before, on, or after August 1, 2009.