North Dakota Code 15-55-07 – Endorsement of bonds – Attorney general to approve – Incontestable – Exception
All bonds issued under the provisions of this chapter must have endorsed thereon a statement to the effect that the same do not constitute an obligation of the state of North Dakota, the state board of higher education, nor the individual members, officers, or agents thereof, nor of the institution upon the campus of which the building or campus improvement is located, and that the said bonds are payable solely and only out of the revenues to be produced and received from the operation of said building or campus improvement. Such bonds must be submitted to the attorney general of North Dakota for examination and when such bonds have been examined and certified as legal obligations by the attorney general in accordance with such requirements as the attorney general may make, are incontestable in any court in this state unless suit thereon is brought in a court having jurisdiction thereof within thirty days from the date of such approval. Bonds so approved by the attorney general are prima facie valid and binding obligations according to their terms and the only defense which may be offered thereto in any suit instituted after such thirty-day period has expired is forgery, fraud, or violation of the constitution.
Terms Used In North Dakota Code 15-55-07
- Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Individual: means a human being. See North Dakota Code 1-01-49
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
