North Dakota § 6-03-56 - Unlawful borrowing, rediscounting, endorsing, pledging by officers,
Full text of North Dakota North Dakota Century Code § 6-03-56 — Unlawful borrowing, rediscounting, endorsing, pledging by officers,, with citation guidance and answers to common questions.
§ 6-03-56. Unlawful borrowing, rediscounting, endorsing, pledging by officers,
employees, and accessories - Penalty. Any officer, director, agent, or employee of any state banking association who borrows money for, or on behalf or in the name of such association or obligates any such association upon rediscounted paper, or pledges any of the assets of such association in violation of the provisions of this chapter is guilty of a class A misdemeanor and is personally liable to the association for any loss it sustains on account of such illegal action, but no such violation may affect the validity of any loan, endorsement, or pledge in the hands of any federal reserve bank or federal lending agency or commercial bank correspondent who loaned money to the association or discounted its paper in good faith and in reliance upon a certified copy of a resolution complying with section 6-03-52.
Source: official North Dakota text · Last verified 2026-08-27
Frequently Asked Questions About North Dakota § 6-03-56
What does North Dakota Century Code § 6-03-56 cover?
Section 6-03-56 ("Unlawful borrowing, rediscounting, endorsing, pledging by officers,") 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 § 6-03-56?
A common citation format is "North Dakota Century Code § 6-03-56" (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 § 6-03-56 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.