North Dakota Code 35-32-05 – Sale of aircraft authorized
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If the holder of a lien under this chapter provides the notice required by section 35-32-04 and the amount due remains unpaid after the sixtieth day after the date of performance of the last repair or maintenance, the holder of the lien may sell the aircraft at a public sale if the court finds that the amount due is the amount specified by contract or the reasonable and usual compensation for the repairs or maintenance work performed and the holder may then apply the proceeds to the amount due. The lienholder shall pay any excess proceeds to the person entitled to them.
Terms Used In North Dakota Code 35-32-05
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49