North Dakota Code 4.1-83-22 – Appointment of trustee
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1. Upon the insolvency of a livestock dealer, the agriculture commissioner shall provide notice to the livestock dealer and may immediately suspend, close, or take control of assets held in the trust fund pursuant to section 4.1-83-21, or take any combination of these actions as the agriculture commissioner deems necessary to begin orderly liquidation of trust fund assets as set forth in this chapter.
Terms Used In North Dakota Code 4.1-83-22
- 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
- Trustee: A person or institution holding and administering property in trust.
2. Upon establishing the trust fund, the agriculture commissioner shall perform the duties of a trustee as set forth in this chapter.