N.D. Cent. Code § 4.1-58-45: Trust fund established - Trustee

1.Upon the insolvency of a warehouseman, a trust fund must be established:

a.For the benefit of noncredit-sale receiptholders of the insolvent warehouseman, other than those that have waived their rights as beneficiaries of the trust fund in accordance with section 4.1-58-15; and

b.To pay the costs incurred by the commissioner in the administration of this chapter.

2.The trust fund consists of the following:

a.The grain in the warehouse of the insolvent warehouseman or the proceeds as obtained through the sale of the grain;

b.The proceeds, including accounts receivable, from any grain sold from the time of the filing of the claim that precipitated an insolvency until the commissioner is appointed trustee;

c.The proceeds of insurance policies upon grain destroyed in the elevator;

d.The claims for relief, and proceeds from the claims for relief, for damages upon any bond given by the warehouseman to ensure faithful performance of the duties of a warehouseman;

e.The claims for relief, and proceeds from the claims for relief, for the conversion of any grain stored in the warehouse;

f.Unencumbered accounts receivable for grain sold before the filing of the claim that precipitated an insolvency;

g.Unencumbered equity in grain hedging accounts; and

h.Unencumbered grain product assets.

3.Upon the insolvency of a warehouseman, the commissioner shall act as trustee of the trust fund.