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Every bond provided for in this chapter must be a negotiable instrument and must bear interest at a rate or rates resulting in an average annual net interest rate which must not exceed twelve percent per annum if the bonds are sold at private sale. There is no interest rate ceiling on bonds sold at public sale or to the state of North Dakota or any of its agencies or instrumentalities. Each bond must specify the time and place of payment of the principal.
(a) In this section, “commitment for title insurance” means a title insurance form under which a title insurance company offers to issue a title insurance policy subject to stated exceptions, requirements, and terms. The term includes a mortgagee title policy binder on an interim construction loan.
(b) A commitment for title insurance constitutes a statement of the terms and conditions on which a title insurance company is willing to issue its policy. A title insurance policy or other title insurance form constitutes a statement of the terms and conditions of the indemnity under the policy or form.
(c) An abstract of title prepared from an abstract plant for a chain of title to real property described in the abstract of title is not title insurance, a commitment for title insurance, or any other title insurance form. A commitment for title insurance, title insurance policy, or other title insurance form is not an abstract of title.
(d) The commissioner may not adopt rules relating to abstracts of title.
Cite this article: FindLaw.com - North Dakota Century Code Title 61. Waters § 61-08-07. Bonds--Rate of interest - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-61-waters/nd-cent-code-sect-61-08-07.html
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