Procedure on default of guaranteed loan

N.D. Cent. Code § 6-09.7-06
in effect
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6-09.7-06. Procedure on default of guaranteed loan Whenever it appears to the satisfaction of the Bank of North Dakota that a guaranteed loan is in default, and the eligible lender has certified this fact to the Bank, the Bank shall reimburse the eligible lender making the loan from the reserve fund to the extent the loan was guaranteed by the fund. Whenever payment of the guaranteed principal balance of any guaranteed loan is demanded of the Bank, the note and accompanying evidence of the loan must be tendered to the Bank in manner and form to confer good title so that the loan may be collected by the Bank as it may determine according to law. No statute of limitations may be used as a defense against collection, through court proceedings, of any loan guaranteed under this chapter.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c09-7.pdf#nameddest=6-09p7-06Fetched: 10/16/2026

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