Statutes, codes, and regulations
North Dakota Administrative Code
Title 13 - Department of Financial InstitutionsArticle 13-02 - Banking and Savings and Loan Associations
Chapter 13-02-09 - Loan Limitation to One Borrower or Concern
Section 13-02-09-05 - Loans to members of a partnership or association

N.D. Admin. Code 13-02-09-05

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Current through Supplement No. 394, October, 2024
Section 13-02-09-05 - Loans to members of a partnership or association

Where persons are engaged in a common enterprise, whether in the form of a partnership, joint venture, or other association, and individually borrowed funds are to be used in that enterprise, the loans must be considered as a single extension of credit, unless the bank has established that the enterprise is not the source of repayment.

N.D. Admin Code 13-02-09-05

Effective September 1, 1986; amended effective December 1, 1998.

General Authority: NDCC 6-01-04

Law Implemented: NDCC 6-03-59