Any transfer of or lien on the property or assets of a state trust company is voidable by the receiver if the transfer or lien is made or created after four months before the date the state trust company is closed for liquidation or one year before the date the state trust company is closed for liquidation if the receiving creditor was at the time an affiliate, officer, director, manager, principal shareholder, or participant of the state trust company or an affiliate of the state trust company, or was made or created with the intent of giving to a creditor, enabling the creditor to    obtain a greater percentage of the claimant’s debt that is given or obtained by another claimant of the same class.

Terms Used In North Dakota Code 6-07.1-15

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
  • 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
  • year: means twelve consecutive months. See North Dakota Code 1-01-33