North Dakota Code 54-30-11 – Payment of assigned mortgage
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After the Bank, under this chapter, has assigned any mortgage, and the obligation thereby secured, all payments thereon must be made to the Bank in trust for:
Terms Used In North Dakota Code 54-30-11
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. The security and payment of bonds to be issued as provided in this chapter; and
2. Delivery to the general fund of the state of such remaining part or balance thereof as may come within this chapter.