No bond or other security, oath, or other qualification is necessary to enable such corporation to accept any appointment or trust. It is lawful for any such corporation to become surety upon any bond or undertaking for or on behalf of any person, persons, or corporation, in any suit, action, or special proceeding, in any court in this state. Whenever a bond or new sureties on a bond may be required from any person, persons, or corporation, acting in any trust capacity whatever, if the value of the estate or fund is so great that the judge of the court having jurisdiction of the proceedings deems it inexpedient to require security in the full amount prescribed by law, the judge may direct that any securities for the payment of moneys belonging to the estate or fund be deposited, subject to the order of the person acting in such trust capacity, countersigned by a judge of said court, with any trust company organized and qualified to do business under the provisions of this chapter. After such deposit has been made, the judge may fix the amount of the bond with respect to the value of the remainder only of such estate or fund.

Terms Used In North Dakota Code 6-05-11

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • 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
  • Trust company: means any corporation formed for the purpose of transacting business as an annuity, safe deposit, surety, or trust company. See North Dakota Code 6-01-02