Mortgage Laws
In North Dakota the law of mortgages is mainly governed by state statutory and common law. Mortgagees are regulated by federal or state
law or agencies.
- In North Dakota Execution of Assignment or Satisfaction must be signed
by the owner of the mortgage.
- An assignment of mortgage must be in writing and recorded.
- Within sixty days after any mortgage is satisfied, or within thirty days
of receipt of a written demand of the owner of the property, whichever is
shorter, the owners of the mortgage or other lien shall execute a certificate
of discharge duly acknowledged, and cause a satisfaction of record to be entered.
- Any mortgagee or owner of a mortgage or lien who fails to execute or deliver
a discharge or to enter a satisfaction is liable to the owner of the property
for all damages sustained, as a result of the refusal and exemplary damages
of one hundred dollars.
- An assignment or satisfaction must contain a proper north Dakota acknowledgment,
or other acknowledgment approved by Statute.
