North Dakota Code 9-13-11 – Rescinding acceptance
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When the obligation of a third person or an order upon such person is accepted in satisfaction, the creditor may rescind such acceptance if:
Terms Used In North Dakota Code 9-13-11
- 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.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
1. The debtor prevents such person from complying with the order or from fulfilling the obligation; 2. At the time the obligation or order is received, such person is insolvent and this fact is unknown to the creditor; or
3. Before the creditor with reasonable diligence can present the order to the person upon whom it is given, that person becomes insolvent.