North Dakota Code 51-13-06.1 – Authority to purchase retail installment contracts
Current as of: 2023 | Check for updates
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Notwithstanding any contrary provision of law:
Terms Used In North Dakota Code 51-13-06.1
- Contract: A legal written agreement that becomes binding when signed.
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37
1. A financing agency may purchase a retail installment contract from a seller on such terms and conditions and for such price as may be mutually agreed upon.
2. No filing of the assignment, no notice to the buyer of the assignment, and no requirement that the seller be deprived of dominion over payments upon the contract or over the personal property if repossessed by the seller, shall be necessary to the validity of a written assignment of a retail installment contract as against creditors, subsequent purchasers, pledgees, mortgagees, or encumbrancers of the seller.