North Dakota Code 50-21-05 – Powers of Bank of North Dakota
The Bank of North Dakota is authorized to do all acts or things necessary to negotiate said loans which specifically includes the power to take such security as prescribed herein and to bring suit against any nonprofit corporation in order to collect interest and principal due the revolving fund under contracts and notes executed to obtain loans under the provisions of this chapter. In the event the applicant’s plan for financing the construction or reconstruction of the facilities provides for a loan of funds from sources other than the state of North Dakota, then the state of North Dakota shall take a second mortgage upon the facilities constructed or reconstructed from the proceeds of the loan.
Terms Used In North Dakota Code 50-21-05
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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