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Current as of January 01, 2024 | Updated by Findlaw Staff
Upon recovery of the trust fund, or so much as is possible to recover, or as is necessary to pay all outstanding claims, the department shall file a report in court showing the amount payable upon each claim, after recognizing any proper liens, pledges, assignments, or deductions with legal interest. If the fund proves insufficient to redeem all claims in full, the fund must be prorated among the claimants in a manner the department deems fair and equitable. Once the report is received from the department, the court shall notify all claimants by mail to appear on a day fixed in the notice and show cause why the report should not be approved and the funds distributed as outlined in the report. Upon such hearing the court shall approve or modify the report as justice may require and shall issue an order directing the distribution of the fund and discharging the department as trustee.
Cite this article: FindLaw.com - North Dakota Century Code Title 4.1. Agriculture § 4.1-25-20. Trust fund report--Notice to claimants--Approving or modifying report - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-4-1-agriculture/nd-cent-code-sect-4-1-25-20/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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