Tribal Law - Turtle Mountain Band of Chippewa Indians of North Dakota; National Indian Law Library, Native American Rights Fund

Turtle Mountain Band of Chippewa Indians of North Dakota - Tribal Law

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To contact the Turtle Mountain Band of Chippewa, visit the tribe's website. The tribe also publishes their laws through the law library on their website.

Turtle Mountain Band of Chippewa Indians Tribal Code.

24.47.200 Effect of Acceptance of Collateral

(a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:

(1) Discharges the obligation to the extent consented to by the debtor;

(2) Transfers to the secured party all of a debtor's rights in the collateral;

(3) Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and

(4) Terminates any other subordinate interest.

(b) A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with Chapters 24.42 through 24.48.