North Dakota Code 32-19.2-03 – Termination and accounting
Current as of: 2023 | Check for updates
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The appointment of a trustee continues until:
Terms Used In North Dakota Code 32-19.2-03
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Contract: A legal written agreement that becomes binding when signed.
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
- 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
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Trustee: A person or institution holding and administering property in trust.
1. The expiration of the period of redemption; 2. The redemption of the premises by the mortgagor or contract vendee; 3. The voluntary dismissal of the foreclosure or cancellation action; or
4. Removal of the trustee by the court.
Within thirty days after the termination of appointment, the trustee shall file with the court a report of the trustee’s activities and all receipts and expenditures, and shall serve a copy on the mortgagor or the vendee by certified or registered mail, an affidavit of service by mail being competent proof thereof. The trustee’s account becomes final unless objected to within thirty days from the date of mailing to the mortgagor or contract vendee.