Where persons are engaged in a common enterprise, whether in the form of a partnership, joint venture, or other association, and individually borrowed funds are to be used in that enterprise, the loans must be considered as a single extension of credit, unless the bank has established that the enterprise is not the source of repayment.

History: Effective September 1, 1986; amended effective December 1, 1998.

General Authority: NDCC 6-01-04

Law Implemented: NDCC 6-03-59