North Dakota Code 41-02.1-73 – (2A-525) Lessor’s right to possession of goods
1. If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods.
Terms Used In North Dakota Code 41-02.1-73
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Process: means a writ or summons issued in the course of judicial proceedings. See North Dakota Code 1-01-49
2. The lessor has on a default by the lessee under the lease contract described in subsection 1 of section 41-02.1-71 or in subdivision a of subsection 3 of section 41-02.1-71 the right to take possession of the goods. If the lease contract so provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor which is reasonably convenient to both parties. Without removal, the lessor may render unusable any goods employed in trade or business and may dispose of goods on the lessee’s premises (section 41-02.1-75).
3. The lessor may proceed under subsection 2 without judicial process if that can be done without breach of the peace or the lessor may proceed by action.