Whenever the persons securing title under a trust deed or mortgage foreclosure sale shall own or represent a majority in amount of the bonds or other evidences of debt secured by any such trust deed or mortgage, and also shall include the persons who owned a majority in amount of the capital stock of such mortgagor corporation at the time of the sale, such purchasers and such corporation as they shall organize also shall have, possess, and enjoy any exemption, privilege, or immunity previously granted by any law to such former corporation relating to any of the property so acquired to the same extent as if such latter corporation had been named in such law as the grantee thereof.

Terms Used In North Dakota Code 49-09-10

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
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