North Dakota Code 4.1-59-29 – Report of trustee – Approval – Distribution
1. Upon the receipt and evaluation of claims, the commissioner shall file a report showing the amount and validity of each claim after recognizing:
Terms Used In North Dakota Code 4.1-59-29
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the agriculture commissioner or the designee or authorized representative of the commissioner. See North Dakota Code 4.1-01-01
- Contract: A legal written agreement that becomes binding when signed.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
a. Relevant liens or pledges.
b. Relevant assignments.
c. Relevant deductions due to advances or offsets accrued in favor of the licensee. d. Relevant cash claims or checks, the amount of the claim.
e. Relevant credit-sale contract or noncredit-sale contract, the amount remaining to be paid based on the terms of the contract.
2. The report also must contain the proposed reimbursement to the commissioner for the expenses of administering the insolvency, the proposed distribution of the trust fund assets to receiptholders, less expenses incurred by the commissioner in the administration of the insolvency, and the proposed credit-sale contract indemnity fund payments to credit-sale contract claimants. If the trust fund is insufficient to redeem all receiptholder claims in full, the report must list the funds as prorated.
3. The commissioner shall set a hearing and the appropriate notice for interested persons to show cause why the commissioner’s report should not be approved and distribution of the trust fund be made as proposed. The commissioner shall serve copies of the report and notice of hearing by certified mail upon the licensee and the surety and by ordinary mail upon all persons having claims filed with the commissioner.
4. An aggrieved person having an objection to the commissioner’s report shall file the objection with the commissioner and serve copies on the commissioner, the licensee, and the surety at least twenty days before the hearing. Failure to file and serve objections in the time set is a waiver of the objection.
5. Following the hearing, the commissioner shall approve or modify the report and issue an order directing payment of the necessary bond proceeds, distribution of the trust fund, payments from the credit-sale contract indemnity fund, and discharge of the commissioner from the commissioner’s trust.
6. If an aggrieved person still has objection with commissioner’s report after hearing the person may appeal to district court.