{"data":{"id":"us-nd/n.d.-cent.-code-21-04-09.1","jurisdiction":"us-nd","citation":"N.D. Cent. Code § 21-04-09.1","heading":"Letters of credit for public deposits - Security interest - Priority - Written agreement","body":"Letters of credit issued by the Bank of North Dakota in connection with section 21-04-09 must be secured by collateral. A security interest is created and attaches when the Bank issues a letter of credit in connection with section 21-04-09. Filing is not required for perfection of the security interest created and it is entitled to priority as to all creditors. The board of directors of a financial institution seeking a letter of credit from the Bank shall execute a written agreement with the Bank, reflect approval of the agreement in the board of director's minutes and, as of the date of execution of the agreement, keep a copy of the agreement as an official record.","path":["Title 21 Governmental Finance","Chapter 21-04 Depositories Of Public Funds"],"source_url":"https://ndlegis.gov/cencode/t21c04.pdf","current_through":"2026-07-31T11:12:02","vintage":"","retrieved_at":"2026-09-02T21:04:14Z","sha256":"d9ae895f1e1db036b883b23135036d73ed7950a4a13b94438f40408312160436","source_id":"us-nd","stale":true,"prev":"us-nd/n.d.-cent.-code-21-04-09","next":"us-nd/n.d.-cent.-code-21-04-10"},"notice":"GroundRules: Original legal text. Not legal advice."}