North Dakota Code 6-07.1-02 – Involuntary closing
After closing a state trust company, the commissioner shall place a sign at its main entrance stating that the state trust company has been closed. A correspondent bank of the closed state trust company may not pay an item drawn on the account of the closed state trust company which is presented for payment after the correspondent has received actual notice of closing unless it previously certified the item for payment. As soon as practicable after posting the sign at the state trust company’s main entrance, the commissioner shall file a copy of the notice of the action to close a state trust company in district court in the county where the state trust company’s home office is located. The court in which the notice is filed shall docket it as a case styled, “In re liquidation of “, inserting the name of the state trust company. As soon as this notice is filed, the court has constructive custody of all the state trust company’s assets, and any action initiated which seeks to directly or indirectly affect state trust company assets is considered to be an intervention in the receivership proceeding. Venue for an action instituted to effect, contest, or otherwise intervene in the liquidation of a state trust company is Burleigh County, North Dakota, except on a motion filed and served concurrently with or before the filing of the answer, the court, on a finding of good cause, may transfer the action to the county of the state trust company’s home office.
Terms Used In North Dakota Code 6-07.1-02
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking. See North Dakota Code 6-01-02
- Commissioner: means the commissioner of financial institutions. See North Dakota Code 6-01-02
- Docket: A log containing brief entries of court proceedings.
- 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
- Trust company: means any corporation formed for the purpose of transacting business as an annuity, safe deposit, surety, or trust company. See North Dakota Code 6-01-02
- Venue: The geographical location in which a case is tried.