North Dakota Code 4.1-13-16 – Collection of assessment – Records
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1. The first purchaser shall collect the assessment from the seller by deducting the assessment from the total price of the wheat being purchased. If the wheat is subject to a lien, pledge, or mortgage, the assessment must:
Terms Used In North Dakota Code 4.1-13-16
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
a. Be deducted from the proceeds of the loan; or
b. The claim must be secured and must be subject to adjustment at the time of settlement if the number of bushels [liters] is not accurately determined at the time of the lien, pledge, or mortgage.
2. At the time of the sale, the first purchaser shall provide a record of the transaction to the seller in the manner prescribed by the commission.