North Dakota § 40-58-15 - However, the bonds and other obligations must be secured by an agreement between
Full text of North Dakota North Dakota Century Code § 40-58-15 — However, the bonds and other obligations must be secured by an agreement between, with citation guidance and answers to common questions.
§ 40-58-15. However, the bonds and other obligations must be secured by an agreement between
the issuer and the federal government in which the issuer agrees to borrow from the federal government and the federal government agrees to lend to the issuer, prior to the maturity of the bonds or other obligations, moneys in an amount which together with any other moneys irrevocably committed to the payment of interest on the bonds or other obligations will suffice to pay the principal of such bonds or other obligations with interest to maturity thereon, which moneys under the terms of the agreement are required to be used for the purpose of paying the principal of and the interest on the bonds or other obligations at their maturity. The bonds and other obligations are authorized security for all public deposits. This section does not relieve any person of any duty of exercising reasonable care in selecting securities.
Source: official North Dakota text · Last verified 2026-08-27
Frequently Asked Questions About North Dakota § 40-58-15
What does North Dakota Century Code § 40-58-15 cover?
Section 40-58-15 ("However, the bonds and other obligations must be secured by an agreement between") 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 § 40-58-15?
A common citation format is "North Dakota Century Code § 40-58-15" (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 § 40-58-15 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.