Personal liability - Purchase of bonds - Bonds as legal investments - Security
N.D. Cent. Code § 61-37-12
in effect61-37-12. Personal liability - Purchase of bonds - Bonds as legal investments -
Security.
1. Neither a member of the commission nor any person executing bonds issued under
this chapter is liable personally on any bonds by reason of the issuance of those
bonds.
2. The program has the power to purchase bonds of the program out of any available
funds or moneys of the program. The program may hold, cancel, or resell bonds or
notes, subject to any agreements with holders of its bonds.
3. Notwithstanding any other law, the state and all public officers, boards, and agencies,
and political subdivisions and agencies of the state, all national banking associations,
state banks, trust companies, savings banks and institutions, savings and loan
associations, investment companies, and other persons carrying on a banking
business, and all executors, administrators, guardians, trustees, and other fiduciaries
may legally invest any sinking funds, moneys, or other funds belonging to them or
within their control in any bonds issued by the program pursuant to this chapter.
4. The bonds are authorized security for any and all public deposits.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t61c37.pdf#nameddest=61-37-12Fetched: 10/16/2026