South Dakota Codified Laws 46A-9-72. Mortgage or trust deed to secure payment of borrowed money–Foreclosure upon default and appointment of receiver
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If any water user district created under this chapter shall execute and deliver a mortgage or trust deed to secure the payment of any moneys borrowed by it for the purposes herein authorized, it may be provided in such mortgage or trust deed that the same may be foreclosed upon default and that a receiver may be appointed by any court of competent jurisdiction with such authority as may be provided for in such mortgage or trust deed.
Terms Used In South Dakota Codified Laws 46A-9-72
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1939, ch 291, § 15; SDC Supp 1960, § 61.1315 (2); SDCL, § 46-16-70.