85-7-2153. Assignment of debenture certificates. The certificates provided for by 85-2-2152 are assignable and may be sold or negotiated by the board of commissioners of the irrigation district and the proceeds of the sale delivered to and deposited with the county treasurer of the county for proper credit to the respective funds of the irrigation district. Upon the sale, negotiation, or transfer of a certificate, the lien of the irrigation district vests in the purchaser of the certificate and is only divested by the payment to the purchaser or the county treasurer of the county, for the purchaser's use, of the sum for which the certificate is issued and 1% additional for each month that passes from the date of the certificate until redeemed as provided for in 85-7-2154.
History: En. Sec. 2, Ch. 127, L. 1913; re-en. Sec. 7244, R.C.M. 1921; re-en. Sec. 7244, R.C.M. 1935; R.C.M. 1947, 89-1817; amd. Sec. 2800, Ch. 56, L. 2009.
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