Nature and duration of receivership
N.D. Cent. Code § 6-07.1-03
in effect6-07.1-03. Nature and duration of receivership
The court may not require a bond from the commissioner as receiver. Any reference in this
chapter to the receiver is a reference to the commissioner as receiver and any successors in
office or an independent receiver appointed at the request of the commissioner. The acts of the
receiver are the acts of the state trust company in liquidation and this state and its political
subdivisions are not liable and may not be held accountable for any debt or obligation of a state
trust company in receivership. The receiver has all the powers of the directors, managers,
managing participants, officers, and shareholders or participants of the state trust company as
necessary to support an action taken on behalf of the state trust company. A state trust
company receivership must be administered continuously for the length of time necessary to
complete its purposes, and the period prescribed by other law limiting the time for the
administration of receiverships or of corporate affairs generally does not apply.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c07-1.pdf#nameddest=6-07p1-03Fetched: 10/16/2026