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32-19.2 Trustees for Commercial Buildings During Foreclosures

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CHAPTER 32-19.2TRUSTEES FOR COMMERCIAL BUILDINGS DURING FORECLOSURES32-19.2-01. Appointment of trustee. On application of the mortgagee or contract fordeed vendor, in any action for the foreclosure of a real estate mortgage or for cancellation of a<br>contract for deed upon any commercial building, including apartments of two or more units, the<br>court, upon ten days' notice to the mortgagor or contract for deed vendee, may, upon good cause<br>being shown, appoint a trustee to take possession of the premises. Any person, other than the<br>mortgagee or vendor, or its agents or employees, may act as trustee if the court deems the<br>person qualified.32-19.2-02. Authority and duties of trustee. The trustee shall:1.Take possession of the premises.2.Pay, to the extent funds are available, all utilities, taxes, insurance, and expenses of<br>maintenance and operation.3.Receive the rentals from tenants.4.Remove tenants for nonpayment of rent or for any other cause permissible by law.5.Rent premises.32-19.2-03. Termination and accounting. The appointment of a trustee continues until:1.The expiration of the period of redemption;2.The redemption of the premises by the mortgagor or contract vendee;3.The voluntary dismissal of the foreclosure or cancellation action; or4.Removal of the trustee by the court.Within thirty days after the termination of appointment, the trustee shall file with the court a report<br>of the trustee's activities and all receipts and expenditures, and shall serve a copy on the<br>mortgagor or the vendee by certified or registered mail, an affidavit of service by mail being<br>competent proof thereof. The trustee's account becomes final unless objected to within thirty<br>days from the date of mailing to the mortgagor or contract vendee.32-19.2-04. Compensation of trustee and distribution of funds. Upon the trustee'saccount becoming final, the trustee shall pay all remaining funds, less the trustee's fee and<br>expenses, to the mortgagor or contract vendee or to such other person as may be otherwise<br>provided by law. The trustee is entitled to a fee as set by the court. All expenses incurred by the<br>trustee in performing duties under this chapter must be reimbursed out of available funds.Page No. 1Document Outlinechapter 32-19.2 trustees for commercial buildings during foreclosures