Interim financing - Proceeds pledged as security - Assignment to commission of rights to proceeds
N.D. Cent. Code § 61-02-68.5
in effect61-02-68.5. Interim financing - Proceeds pledged as security - Assignment to
commission of rights to proceeds.
Any interim financing agreement pursuant to section 61-02-68.2 shall provide that the owner
or owners receiving the proceeds of such interim financing shall pledge and dedicate the
proceeds of its loan or grant from the United States or the state as security for the interim
financing notes issued pursuant to the loan agreement. In addition, the execution of any interim
financing agreement under section 61-02-68.2 shall constitute an assignment to the commission
of the right to receive the proceeds of the federal or state loan or grant so far as is necessary to
secure the notes issued pursuant to the agreement and in preference to any other obligation
whatsoever of the owner or owners receiving the interim financing. It shall not be necessary for
the financing agreement, trust indentures, or any other document relating to the interim
financing agreement to be filed or recorded in order for the assignment to the commission to be
perfected.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t61c02.pdf#nameddest=61-02-68p5Fetched: 10/16/2026