32-26 Administration of Assignment for Benefit of Creditors - North Dakota Statutes

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CHAPTER 32-26ADMINISTRATION OF ASSIGNMENT FOR BENEFIT OF CREDITORS32-26-01. District court has supervision. When any person, partnership, corporation,or limited liability company in this state shall make an assignment for the benefit of creditors, or a
trust deed, or the whole or any substantial part of the property of such person, partnership,
corporation, or limited liability company, the same shall be administered under the supervision of
the district court.32-26-02. Public administrator as receiver. The making of an assignment shall because for the appointment of a receiver of the property of the assignor, and the public
administrator of the county wherein the greater part of the assets of such assignor shall be
situated, either on the public administrator's own petition or on the petition of any creditor of the
assignor, shall be appointed receiver of the property of such assignor, and shall proceed to
administer and distribute the same in the place and stead of the assignee named in such
assignment, and, as nearly as may be, in accordance with the terms and provisions of such
assignment, under the supervision of the district court.32-26-03. When property in several counties. When the property of the assignor issituated in different counties, the public administrator of any county wherein a portion of such
property is situated, first petitioning, shall be entitled to be appointed receiver as aforesaid, but
the court thereafter on the petition of any creditor or public administrator, and on the facts being
shown to its satisfaction, shall vacate such appointment and shall appoint as receiver the public
administrator of the county wherein the greater part of the assignor's property is situated.32-26-04.When assignee may act.In case of failure of any creditor or publicadministrator to apply for the appointment of a receiver as herein provided, the estate may be
administered by the assignee appointed in the assignment, but shall be administered and
distributed under the supervision of the district court.32-26-05. Sales - Fees and expenses - Subject to approval of court. Property of anestate shall be sold only subject to the confirmation of the district court, on petition of the receiver
or assignee, and on such notice as the court may fix. The fees and expenses of all officers and
employees shall be under the control of the court, and shall not be paid by the receiver or
assignee until approved by the court. Any transfer of any property by any assignee or trustee or
receiver shall be void unless the same shall have been approved by the judge of the district court
before whom such matter should be pending.32-26-06. What court has jurisdiction - Transfer. The district court of any countywhere any property of the assignor may be situated shall have jurisdiction to entertain
proceedings in accordance with the provisions of this chapter, but may transfer, and on the
showing of facts to its satisfaction shall transfer, such proceedings to the district court of the
county wherein the greater part of the assignor's property is situated.Page No. 1Document Outlinechapter 32-26 administration of assignment for benefit of creditors