The Bank of North Dakota, instead of foreclosing, may take a conveyance from the owner to the state treasurer as trustee for the state of North Dakota in payment of the mortgage covering the land conveyed.
N.D. Cent. Code § 54-30-20
Transfer of land covered by mortgage to state by mortgagor
Known as the Second Real Estate Bond Act
The act spans §§ 54–54 (36 sections).
Official source: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.