{"data":{"id":"us-nd/n.d.-cent.-code-4.1-58-45","jurisdiction":"us-nd","citation":"N.D. Cent. Code § 4.1-58-45","heading":"Trust fund established - Trustee","body":"1.Upon the insolvency of a warehouseman, a trust fund must be established:\na.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\nb.To pay the costs incurred by the commissioner in the administration of this chapter.\n2.The trust fund consists of the following:\na.The grain in the warehouse of the insolvent warehouseman or the proceeds as obtained through the sale of the grain;\nb.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;\nc.The proceeds of insurance policies upon grain destroyed in the elevator;\nd.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;\ne.The claims for relief, and proceeds from the claims for relief, for the conversion of any grain stored in the warehouse;\nf.Unencumbered accounts receivable for grain sold before the filing of the claim that precipitated an insolvency;\ng.Unencumbered equity in grain hedging accounts; and\nh.Unencumbered grain product assets.\n3.Upon the insolvency of a warehouseman, the commissioner shall act as trustee of the trust fund.","path":["Title 4.1 Agriculture","Chapter 4.1-58 Grain And Seed Warehouses"],"source_url":"https://ndlegis.gov/cencode/t04-1c58.pdf","current_through":"2026-07-31T11:12:02","vintage":"","retrieved_at":"2026-09-02T21:04:14Z","sha256":"357ad1c87adad10c229eb2089019cc9c8cf2593c9d6d4d9e2980f6c3c5a387a8","source_id":"us-nd","stale":true,"prev":"us-nd/n.d.-cent.-code-4.1-58-44","next":"us-nd/n.d.-cent.-code-4.1-58-46"},"notice":"GroundRules: Original legal text. Not legal advice."}