South Dakota Codified Laws 1-53-27. Purchase and acquisition of property securing indebtedness
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The commissioner of the Governor’s Office of Economic Development, with the approval of the Governor, is authorized and empowered to bid for and purchase at any execution, foreclosure, or other sale, or otherwise to acquire property upon which the commissioner has a lien by reason of a judgment or execution, or which is pledged, mortgaged, conveyed, or which otherwise secures any loan or other indebtedness owing to or acquired by the commissioner under §§ 1-53-23 to 1-53-37, inclusive.
Terms Used In South Dakota Codified Laws 1-53-27
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1951, ch 4, § 5; SDC Supp 1960, § 4.0119(2); SDCL § 38-6-6; SL 2019, ch 235 (Ex. Ord. 19-1), § 46, eff. Apr. 14, 2019.