Powers of receiver
N.D. Cent. Code § 6-07.2-05
in effect6-07.2-05. Powers of receiver
The receiver of a closed institution may do the following:
1. Take possession of all books, records, and assets of the institution.
2. Collect all debts, claims, and judgments belonging to the institution and do such other
acts as are necessary to preserve and liquidate the assets of the institution.
3. Execute in the name of the institution any instrument necessary or proper to effectuate
the receiver's powers or perform the duties as receiver.
4. Initiate, pursue, and defend litigation involving any right, claim, interest, or liability of
the institution.
5. Exercise any and all existing fiduciary functions of the institution as of the date of
appointment as receiver.
6. Borrow money as necessary and secure the borrowings by the pledge or mortgage of
assets. The repayment of money borrowed under this subsection and interest on the
money borrowed under this section must be considered an expense of administration
under section 6-07.2-09.
7. Abandon or convey title to any holder of a mortgage, deed of trust, security interest, or
lien against property in which the institution has an interest if the receiver determines
that to continue to claim the interest is burdensome and of no advantage to the
institution or the institution's depositors, creditors, or shareholders.
8. Repudiate any leases or executory contracts to which the institution is a party in
accordance with section 6-07.2-09.
9. Sell any and all real and personal property to compromise any debt, claim, or
judgment due from the institution and discontinue any action or other proceedings
pending.
10. Pay off all mortgages, deeds of trust, security agreements, and liens upon any real or
personal property belonging to the institution and purchase at judicial sale or at sale
authorized by court order, any real or personal property in order to protect the
institution's equity in that property.
11. Sell in bulk the assets and liabilities of the institution.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c07-2.pdf#nameddest=6-07p2-05Fetched: 10/16/2026