North Dakota Code 54-30-20 – Transfer of land covered by mortgage to state by mortgagor
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The Bank of North Dakota, instead of foreclosing, may take a conveyance from the owner to the state treasurer as trustee for the state of North Dakota in payment of the mortgage covering the land conveyed.
Terms Used In North Dakota Code 54-30-20
- 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
- Trustee: A person or institution holding and administering property in trust.