North Dakota Code 54-30-17 – Bank of North Dakota to collect obligations secured by mortgage
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If the obligation secured by any mortgage held by the state treasurer under the provisions of this chapter is not performed by the mortgagor according to its terms, or if any condition expressed in any such mortgage is not performed and kept according to its terms, the state treasurer shall certify the facts to the president of the Bank of North Dakota, who shall proceed as agent of the state treasurer as trustee for the state of North Dakota, by foreclosure or otherwise, to make collection of the obligation secured. The Bank of North Dakota shall make collection of the principal and interest on all mortgages taken under the provisions of this chapter.
Terms Used In North Dakota Code 54-30-17
- 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.
- 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
- Trustee: A person or institution holding and administering property in trust.