North Dakota Code 35-01-10 – Contracts for forfeiting property subject to lien void – Waiver of redemption void
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All contracts for the forfeiture of property subject to a lien in satisfaction of the obligation secured thereby and all contracts in restraint of the right of redemption from a lien are void.
Terms Used In North Dakota Code 35-01-10
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes property, real and personal. See North Dakota Code 1-01-49