Loan pool account - Management by Bank of North Dakota
N.D. Cent. Code § 15-03-04.3
in effect15-03-04.3. Loan pool account - Management by Bank of North Dakota
Subject to this chapter, the Bank of North Dakota, in accordance with standard banking
practices, shall manage all loans in the loan pool account and execute all instruments on behalf
of the board of university and school lands that pertain to real estate mortgages in the loan pool
account, including reamortization agreements, satisfactions, and partial releases. The Bank of
North Dakota shall also act as agent for the board and shall execute all instruments, including
reamortization agreements, satisfactions, and partial releases, that pertain to mortgages
previously issued by the board. All instruments must be executed in the same manner as
specified in section 6-09-26. This section is self-executing and no assignment, power of
attorney, or other instrument of transfer is necessary to establish the authority of the Bank of
North Dakota to act on behalf of the board of university and school lands under this section.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t15c03.pdf#nameddest=15-03-04p3Fetched: 10/16/2026