North Dakota Code 15-03-07 – Limitations on farm loans
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Farm loans secured by a first mortgage may be made only upon farmland and rangeland in this state, and only to persons or other legal entities who are actual residents of this state and who are actively engaged in the business of farming or ranching.
Terms Used In North Dakota Code 15-03-07
- 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