The North Dakota Borrowers Certification of Inventory is a crucial document used in the lending process for borrowers in North Dakota. It is a legal form that provides a detailed description of the inventory held by the borrower as collateral for a loan. This certification ensures the lender has accurate information about the borrower's assets and their value. The purpose of the North Dakota Borrowers Certification of Inventory is to protect both the borrower and the lender. By certifying the inventory held, the borrower confirms that the inventory is owned by them and is accurately described. The lender, on the other hand, can rely on this certification when determining the value of the assets in case of default or non-payment. This certification document includes vital details such as the borrower's name, address, and contact information, as well as the lender's information. It further specifies the type of inventory being certified, such as goods, products, materials, or equipment. Additionally, the certification may include details regarding the quantity, quality, condition, and location of the inventory. When it comes to specific types of North Dakota Borrowers Certification of Inventory, they can vary depending on the nature of the borrower's business or the type of collateral being offered. Some common types include: 1. Retail Inventory Certification: This type is used by retail businesses to certify the inventory they hold, including products available for sale, stock in storage, and any other merchandise related to their business. 2. Manufacturing Inventory Certification: Manufacturers may require this type of certification to outline their raw materials, work-in-progress inventory, and finished goods. It enables lenders to assess the value of the manufacturing process and the assets used within it. 3. Agricultural Inventory Certification: Borrowers involved in agriculture, including farmers and ranchers, may need this certification to verify their livestock, crops, or machinery related to their agricultural activities. 4. Equipment Inventory Certification: For borrowers utilizing heavy machinery or equipment as collateral, this certification provides details about equipment types, models, serial numbers, and conditions. In essence, the North Dakota Borrowers Certification of Inventory is a crucial document that allows lenders to evaluate the value of inventory held by a borrower. It ensures transparency and accuracy in the lending process, protecting the interests of both parties involved.
North Dakota Borrowers Certification of Inventory
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How to fill out North Dakota Borrowers Certification Of Inventory?
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The legal lending limit for banks varies by bank charter and by state. For a North Dakota-chartered state bank, the total liability of a single borrower may not exceed 25 percent of the bank's Tier 1 Capital as reported in the most recent Call Report.
: an intermediary who arranges short-term loans usually in large amounts for borrowers and who in the U.S. also arranges the sale of excess bank reserve balances to banks short of reserves.
13-05-01-04. Whenever a money broker arranges a loan for a borrower, the following loan disclosure statements must be prepared by the money broker for the borrower and set forth in a plain language and meaningful order: 1.
The act, among other things, provides that a ?person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person is licensed under this chapter.? The provision does not apply to a ?person that is an authorized delegate of a person ...
"Money brokering" means the act of arranging or providing loans or leases as a form of financing, or advertising or soliciting either in print, by letter, in person, or otherwise, the right to find lenders or provide loans or leases for persons or businesses desirous of obtaining funds for any purposes.
