South Carolina Code 33-49-270. Mortgage or pledge of assets
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Terms Used In South Carolina Code 33-49-270
- Articles of incorporation: includes the articles of conversion of a converted corporation. See South Carolina Code 33-49-20
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
A mortgage or pledge of or other security interest in all or any part of the assets of a cooperative, whether or not in the usual and regular course of its business, may be made by authority of the board of trustees of the cooperative without authorization of the members, unless the articles of incorporation or bylaws shall specifically so require.