North Dakota § 21-13-03 - Limit on amount of loans - Loan terms
Full text of North Dakota North Dakota Century Code § 21-13-03 — Limit on amount of loans - Loan terms, with citation guidance and answers to common questions.
§ 21-13-03. Limit on amount of loans - Loan terms
Except as limited by this section, a bank or a credit union and political subdivision may agree to terms and conditions of a bank or credit union loan, including the rate of interest and any collateral. 1. A political subdivision may have no more than five hundred thousand dollars in outstanding principal on bank or credit union loans at any time. 2. A political subdivision bank or credit union loan must be paid in full within five years from the date of loan origination. 3. The loan documents must describe the revenues from which the loan is anticipated to be paid and may require the political subdivision to establish a separate fund for the repayment of the loan, including interest, on or before the due date. 4. Collateral for a loan may consist only of property that is purchased with loan proceeds.
Source: official North Dakota text · Last verified 2026-08-27
Frequently Asked Questions About North Dakota § 21-13-03
What does North Dakota Century Code § 21-13-03 cover?
Section 21-13-03 ("Limit on amount of loans - Loan terms") is part of the North Dakota Century Code, the codified statutory law of North Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Dakota § 21-13-03?
A common citation format is "North Dakota Century Code § 21-13-03" (North Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Dakota official source linked on this page or consult a licensed North Dakota attorney.
How does North Dakota § 21-13-03 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Dakota.