Involuntary closing
N.D. Cent. Code § 6-07.1-02
in effect6-07.1-02. Involuntary closing
After closing a state trust company, the commissioner shall place a sign at its main entrance
stating that the state trust company has been closed. A correspondent bank of the closed state
trust company may not pay an item drawn on the account of the closed state trust company
which is presented for payment after the correspondent has received actual notice of closing
unless it previously certified the item for payment. As soon as practicable after posting the sign
at the state trust company's main entrance, the commissioner shall file a copy of the notice of
the action to close a state trust company in district court in the county where the state trust
company's home office is located. The court in which the notice is filed shall docket it as a case
styled, "In re liquidation of ____", inserting the name of the state trust company. As soon as this
notice is filed, the court has constructive custody of all the state trust company's assets, and any
action initiated which seeks to directly or indirectly affect state trust company assets is
considered to be an intervention in the receivership proceeding. Venue for an action instituted to
effect, contest, or otherwise intervene in the liquidation of a state trust company is Burleigh
County, North Dakota, except on a motion filed and served concurrently with or before the filing
of the answer, the court, on a finding of good cause, may transfer the action to the county of the
state trust company's home office.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c07-1.pdf#nameddest=6-07p1-02Fetched: 10/16/2026