Whenever any sum or sums of money, or any real or personal property, has been received by, deposited with, or conveyed to be held by such a corporation for savings or investment account, or in trust under any of the provisions of subsection 1, 2, 3, or 4 of section 6-05-08, such money or property, and all evidences of the investment of the same, and their accretions, must be kept by such corporation separate and apart and readily identified from similar property of its own or of other persons, and the same is not liable for any debt or claim against the corporation, except for debts or claims accruing to and in favor of the person or persons making such deposits or creating such trusts, or the beneficiaries thereunder.

Terms Used In North Dakota Code 6-05-09

  • 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.
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
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