North Dakota Code 4.1-59-26 – Remedy of receiptholders
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A receiptholder does not have a separate claim for relief upon any insolvent licensee’s bond, for insurance, against any person converting grain, nor against any other receiptholder, except through the trustee, unless, upon demand of five or more receiptholders, the commissioner fails or refuses to apply for the commissioner’s own appointment or unless the district court denies the application. This chapter does not prohibit a receiptholder, either individually or with other receiptholders, from pursuing concurrently any other remedy against the person or property of the licensee.
Terms Used In North Dakota Code 4.1-59-26
- Commissioner: means the agriculture commissioner or the designee or authorized representative of the commissioner. See North Dakota Code 4.1-01-01
- 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
- Trustee: A person or institution holding and administering property in trust.