13-01 General Provisions - North Dakota Statutes

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TITLE 13DEBTOR AND CREDITOR RELATIONSHIPCHAPTER 13-01GENERAL PROVISIONS13-01-01. Definitions of creditor and debtor. In this chapter, unless the context orsubject matter otherwise requires:1."Creditor" means one in whose favor an obligation exists by reason of which the
person is or may become entitled to the payment of money.2."Debtor" means one who, by reason of an existing obligation, is or may become
liable to pay money to another, whether such liability is certain or contingent.13-01-02. Debtor's contract valid in absence of fraud. In the absence of fraud, everycontract of a debtor is valid against all of the debtor's creditors, existing or subsequent, who have
not acquired a lien on the property affected by the contract.13-01-03.Creditors may be preferred.Except as otherwise provided in section13-02.1-05, a debtor may pay one creditor in preference to another, or may give to one creditor
security for the payment of that creditor's demand in preference to another.13-01-04. Marshalling funds - Rights of creditors. When a creditor is entitled to resortto each of several funds for the satisfaction of the creditor's claim and another person has an
interest in, or is entitled as a creditor to resort to, some but not all of them, the latter may require
the former to seek satisfaction from those funds to which the latter has no such claim so far as it
can be done without impairing the right of the former to complete satisfaction and without doing
injustice to third persons. This section does not apply to execution sales of real estate mortgage
foreclosures.13-01-05. Transfers with intent to defraud or delay creditors are void. Repealed byS.L. 1985, ch. 186,