North Dakota Code 1-05-03 – Validation of foreclosure – Assignment unrecorded
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Any sale of real estate under a judgment of foreclosure entered prior to the passage and taking effect of this code hereby is declared legal and valid for all purposes, though any assignment of the mortgage foreclosed was not recorded prior to the institution of the action to foreclose, if such assignment was executed and recorded before the entry of such judgment.
Terms Used In North Dakota Code 1-05-03
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.