54-30-17. Bank of North Dakota to collect obligations secured by mortgage

54-30-17. Bank of North Dakota to collect obligations secured by mortgage If the obligation secured by any mortgage held by the state treasurer under the provisions of this chapter is not performed by the mortgagor according to its terms, or if any condition expressed in any such mortgage is not performed and kept according to its terms, the state treasurer shall certify the facts to the president of the Bank of North Dakota, who shall proceed as agent of the state treasurer as trustee for the state of North Dakota, by foreclosure or otherwise, to make collection of the obligation secured. The Bank of North Dakota shall make collection of the principal and interest on all mortgages taken under the provisions of this chapter.