Title 15 — Education
120 chapters · 633 sections in this title.
N.D.C.C. § 15-03-01 Permanent funds - State treasurer
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All moneys belonging to the permanent funds of the common schools and other public institutions derived from the sale of any of the lands described in section 15-01-02 or from any other source must be paid over to the state treasurer and are subject to the order of the board of u…
N.D.C.C. § 15-03-01.1 Creation of maintenance fund
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There is created a special fund designated as the state lands maintenance fund, which is funded by the trust fund assets under the control of the board of university and school lands. All expenses paid out of the state lands maintenance fund are subject to legislative appropriati…
N.D.C.C. § 15-03-01.3 Apportionment of maintenance fund balances quarterly
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Repealed by S.L. 2003, ch. 129, § 10.
N.D.C.C. § 15-03-02 Proceeds from trust fund assets
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All proceeds from the sale and management of any assets under the control of the board of university and school lands must be deposited in the trust fund for which the assets were granted or earned and are pledged specifically for the maintenance of the institution for which such…
N.D.C.C. § 15-03-03 State treasurer to have custody of certain school funds
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Repealed by S.L. 1987, ch. 189, § 7.
N.D.C.C. § 15-03-04 Legal investments
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Subject to the provisions of section 15-03-05, the board of university and school lands shall apply the prudent investor rule in investing the permanent funds under its control. The "prudent investor rule" means that in making investments the board shall exercise the same judgmen…
N.D.C.C. § 15-03-04.1 Loan pool account
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There is hereby created in the Bank of North Dakota a loan pool account. The board of university and school lands may purchase first mortgage farm loans made in accordance with this chapter from the Bank of North Dakota. All purchased farm loans must be managed and serviced by th…
N.D.C.C. § 15-03-04.2 Board authority over farm loans
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The board of university and school lands has authority to promulgate policies, rules, and regulations for the purchase of first mortgage farm loans. The board shall set such terms, conditions, interest rates, and other guidelines as it may desire commensurate with its fiduciary r…
N.D.C.C. § 15-03-04.3 Loan pool account - Management by Bank of North Dakota
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Subject to this chapter, the Bank of North Dakota, in accordance with standard banking practices, shall manage all loans in the loan pool account and execute all instruments on behalf of the board of university and school lands that pertain to real estate mortgages in the loan po…
N.D.C.C. § 15-03-05 One-half of permanent funds to be invested in farm loans - Exception
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At least one-half of the whole amount of the several permanent funds, as computed by the commissioner of university and school lands at the end of each fiscal year, must be invested in first mortgages on farmlands and rangelands in this state if there is a sufficient demand for i…
N.D.C.C. § 15-03-05.1 Calculation of fund income - Coal development trust fund
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Repealed by S.L. 2017, ch. 403, § 2.
N.D.C.C. § 15-03-05.2 Distribution of fund income
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Repealed by S.L. 2009, ch. 153, § 8.
N.D.C.C. § 15-03-06 Farm loans - Procedure in negotiating and completing loans
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Repealed by S.L. 1977, ch. 138, § 12.
N.D.C.C. § 15-03-07 Limitations on farm loans
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Farm loans secured by a first mortgage may be made only upon farmland and rangeland in this state, and only to persons or other legal entities who are actual residents of this state and who are actively engaged in the business of farming or ranching. 15-03-08. Warrant for amount …
N.D.C.C. § 15-03-09 Term, interest, payment of farm loans
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Repealed by S.L. 1977, ch. 138, § 12.
N.D.C.C. § 15-03-10 Assignment of mortgage - Regulations governing - Execution
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Repealed by S.L. 1977, ch. 138, § 12.
N.D.C.C. § 15-03-11 Satisfaction of mortgages
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Repealed by S.L. 1977, ch. 138, § 12.
N.D.C.C. § 15-03-12 Foreclosure of mortgages
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Mortgages acquired by the state under the provisions of this chapter may be foreclosed either by action or advertisement in the manner provided by the laws of this state. An action to foreclose a mortgage must be brought and prosecuted in the name of the state.
N.D.C.C. § 15-03-13 Redemption after foreclosure
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When a mortgage acquired under the provisions of this chapter has been foreclosed, the mortgagor or a redemptioner may redeem the property from the purchaser within one year after the sale, in the following manner: 1. By paying the purchaser the amount of that person's purchase w…
N.D.C.C. § 15-03-14 Conveyance of mortgaged land to state - Effect
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When a mortgage held by the state as security for the investment of permanent school funds of the state is in default and the foreclosure thereof is deemed advisable, the Bank of North Dakota, acting on behalf of the board of university and school lands, may accept from the owner…
N.D.C.C. § 15-03-14.1 Quieting title to certain state lands
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Repealed by omission from this code. 15-03-15. Meeting to consider investments and approval of farm loans - Notice - Vote required. Repealed by S.L. 1995, ch. 163, § 5.
N.D.C.C. § 15-03-16 Continuing appropriation for investments
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There is appropriated annually the amounts necessary to pay costs related to investments controlled by the board of university and school lands, including management, trustee, consulting, custodial, and performance measurement fees; expenses associated with money manager searches…
N.D.C.C. § 15-03-17 Redemption of bonds by political subdivisions
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The board of university and school lands shall allow any county, city, park district, township, or school district to redeem, at any time after two years from the date of issue, at par with accrued interest, any bonds issued by it which the state has purchased and holds as an inv…
N.D.C.C. § 15-03-18 Commissioner to maintain records of investments
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The commissioner of university and school lands shall keep a complete record of all investments of the board. 15-03-19. Board authorizing drawing of warrant upon investment of permanent funds - Record of warrant. Repealed by S.L. 1987, ch. 189, § 7.
N.D.C.C. § 15-03-20 Reducing or canceling interest due on contracts and mortgages
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Repealed by S.L. 1977, ch. 138, § 12.
N.D.C.C. § 15-03-21 State treasurer - Duty to collect - Report to board - Duty of attorney general
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Repealed by S.L. 1987, ch. 189, § 7.