North Dakota Century Code Title 15. Education § 15-72-03. Assets and custody

a. The trust will have first priority security interest in the pledged assets in accordance with North Dakota Administrative Code chapter 69-05.2-12.

b. The person has authority to place the assets in custody under all applicable federal and state law.

c. All other requirements of North Dakota Administrative Code chapter 69-05.2-12 have been satisfied.

a. Grant the regulatory authority a first mortgage, first deed of trust, or perfected first-lien security interest in the real property with a right to sell or dispose of the real property in the event of forfeiture; and

b. Include a schedule, submitted by the applicant, of the real property mortgaged or pledged to secure the obligations under the indemnity agreement. The schedule of the real property must allow the regulatory authority to evaluate the adequacy of the real property offered to satisfy collateral requirements. The schedule must include: