South Dakota Codified Laws 46A-7-34. Bond series lien preferences–Federal contract payments lien preferences
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The lien for the bonds of any series may be on a parity with or a preferred lien to that of any subsequent series, and the lien for the payments due to the United States under any contract between the district and the United States, accompanying which bonds have not been deposited with the United States, may be a preferred lien to that of any issue of bonds or any series of any issue subsequent to the date of such contract.
Terms Used In South Dakota Codified Laws 46A-7-34
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
Source: SDC 1939, § 61.0911; SDCL, § 46-15-34; SL 1976, ch 277, § 20.