§ 4445. Issuance of Obligations- Negotiability
TITLE 2: NATURAL RESOURCES DIVISION 4: LAND RESOURCES § 4445. Issuance of Obligations: Negotiability. Obligations of NMHC shall be fully negotiable. In any suit, action or proceeding involving the validity or enforceability of any obligation of NMHC or the security therefore, any such obligation reciting in substance that it has been issued by NMHC to aid in financing housing pursuant to this chapter shall be conclusively deemed to have been issued for that purpose, and the housing for which the obligation was issued shall be conclusively deemed to have been planned, located and carried out in accordance with the purposes and provisions of this chapter. Source: DL 5-67, § 6-5; amended by PL 20-87 § 6 (February 5, 2019). Commission Comment: [Historical comments removed.] In codifying PL 20-87 § 6, which mandated a global amendment to Chapter 4, the Commission replaced any reference to “MIHA” with “NMHC” within this section.
Source: CNMI Law Revision Commission