Report of trustee - Approval - Distribution
N.D. Cent. Code § 4.1-59-29
in effect4.1-59-29. Report of trustee - Approval - Distribution
1. Upon the receipt and evaluation of claims, the commissioner shall file a report showing
the amount and validity of each claim after recognizing:
a. Relevant liens or pledges.
b. Relevant assignments.
c. Relevant deductions due to advances or offsets accrued in favor of the licensee.
d. Relevant cash claims or checks, the amount of the claim.
e. Relevant credit-sale contract or noncredit-sale contract, the amount remaining to
be paid based on the terms of the contract.
2. The report also must contain the proposed reimbursement to the commissioner for the
expenses of administering the insolvency, the proposed distribution of the trust fund
assets to receiptholders, less expenses incurred by the commissioner in the
administration of the insolvency, and the proposed credit-sale contract indemnity fund
payments to credit-sale contract claimants. If the trust fund is insufficient to redeem all
receiptholder claims in full, the report must list the funds as prorated.
3. The commissioner shall set a hearing and the appropriate notice for interested
persons to show cause why the commissioner's report should not be approved and
distribution of the trust fund be made as proposed. The commissioner shall serve
copies of the report and notice of hearing by certified mail upon the licensee and the
surety and by ordinary mail upon all persons having claims filed with the
commissioner.
4. An aggrieved person having an objection to the commissioner's report shall file the
objection with the commissioner and serve copies on the commissioner, the licensee,
and the surety at least twenty days before the hearing. Failure to file and serve
objections in the time set is a waiver of the objection.
5. Following the hearing, the commissioner shall approve or modify the report and issue
an order directing payment of the necessary bond proceeds, distribution of the trust
fund, payments from the credit-sale contract indemnity fund, and discharge of the
commissioner from the commissioner's trust.
6. If an aggrieved person still has objection with commissioner's report after hearing the
person may appeal to district court.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t04-1c59.pdf#nameddest=4p1-59-29Fetched: 10/16/2026