South Dakota Codified Laws 11-7-71. Receivership remedy preserved for obligee on housing project–Acquisition ofredevelopment property on default by purchaser or lessee
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Nothing contained in §§ 11-7-1 to 11-7-70, inclusive, shall be construed as limiting the power of a commission:
(1) With respect to a housing project, to vest in an obligee the right, in the event of a default by the commission, to take possession thereof or cause the appointment of a receiver thereof, free from all the restrictions imposed by said sections; or
Terms Used In South Dakota Codified Laws 11-7-71
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- obligee: includes any bondholder, agents or trustees for any bondholder, and the federal government if it is a party to any contract with the commission. See South Dakota Codified Laws 11-7-1
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) With respect to a redevelopment project, in the event of a default by a purchaser or lessee of land, to acquire the property and operate, sell, or lease it free from such restrictions.
Source: SL 1950 (SS), ch 13, § 16, subdiv 3; SDC Supp 1960, § 45.3616 (3).