North Dakota Code 6-07.2-03 – Notice of possession
1. Immediately upon taking possession of the business and property of an institution under section 6-07.2-01, the commissioner shall give notice by:
Terms Used In North Dakota Code 6-07.2-03
- Commissioner: means the commissioner of financial institutions. See North Dakota Code 6-01-02
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
a. Causing the notice to be served upon the president or other executive officer in charge of the business of the institution; b. Causing the notice to be provided to all correspondent banks of the institution.
However, if the commissioner fails to provide the notice, the commissioner shall incur no liability for such failure to act; and
c. Causing the notice to be made public.
2. The rights and liabilities of an institution and of the institution’s creditors, depositors, shareholders, and all other persons interested in the institution’s estate, unless otherwise directed, must be fixed as of the date of the delivery of the notice of possession to the president or other executive officer actively in charge of the business of the institution. In the case of mutual debts or mutual credits of equal priority between the institution and another person, the credits and debts must be setoff and the balance only must be allowed or paid. The right to setoff must be determined as of the date of delivery of the notice of possession of the institution to the president or other executive officer actively in charge of the business of the institution.