§ 46A-9-71 Mortgage or hypothecation of property to secure payment of loans from governmental agencies.

SD Codified L § 46A-9-71 (2019) (N/A)

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46A-9-71. Mortgage or hypothecation of property to secure payment of loans from governmental agencies. If, in order to borrow money from the federal government or from any of its agencies, or from the State of South Dakota, it becomes necessary that the water user district mortgage or otherwise hypothecate any of its property or assets to secure the payment of a loan made to it by or from such a source, the district may mortgage or hypothecate the property and assets for such purposes. Nothing in this section prevents the district from assigning, pledging, or otherwise hypothecating its revenues, incomes, receipts, or profits to secure the payment of indebtedness to the federal government or any federal agency, or the State of South Dakota. However, the State of South Dakota may never pledge its credit or funds, or any part of its credit or funds, for the payment or settlement of any indebtedness or obligation whatsoever of any district created under the provisions of this chapter. Nothing in this chapter authorizes any agency of the State of South Dakota to make loans to any such district, unless the agency is otherwise authorized by law to make such loans.

Source: SL 1939, ch 291, § 15; SDC Supp 1960, § 61.1315 (2); SDCL § 46-16-69; SL 2011, ch 165, § 487.

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§ 46A-9-72 Mortgage or trust deed to secure payment of borrowed money--Foreclosure upon default and appointment of receiver.