North Dakota Code 35-06-09 – Exoneration of pledgeholder
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A pledgeholder for reward cannot exonerate the pledgeholder from the pledgeholder’s undertaking, and a gratuitous pledgeholder can do so only by giving reasonable notice to the pledgor and pledgee to appoint a new pledgeholder, and in case of their failure to agree, by depositing the property pledged with some impartial person who then will be entitled to a reasonable compensation for that person’s care of the same.
Terms Used In North Dakota Code 35-06-09
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49