Fiduciary activities
N.D. Cent. Code § 6-07.1-19
in effect6-07.1-19. Fiduciary activities
As soon after beginning the receivership proceeding as is practicable, the receiver shall
terminate all fiduciary positions it holds, surrender all property held by it as a fiduciary, and settle
the state trust company's fiduciary accounts. The receiver shall release all segregated and
identifiable fiduciary property held by the state trust company to successor fiduciaries. With the
approval of the court, the receiver may sell the administration of all or substantially all remaining
fiduciary accounts to one or more successor fiduciaries on terms that appear to be in the best
interests of the state trust company's estate and the persons interested in the fiduciary
accounts. If commingled fiduciary funds held by the state trust company as trustee are
insufficient to satisfy all fiduciary claims to the commingled funds, the receiver shall distribute
commingled funds pro rata to all fiduciary claimants of commingled funds based on their
proportionate interests after payment of administrative expenses related solely to the fiduciary
claims. The fictional tracing rule does not apply. The receiver may require certain fiduciary
claimants to file proofs of claim if the records of the state trust company are insufficient to
identify their respective interests.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c07-1.pdf#nameddest=6-07p1-19Fetched: 10/16/2026