South Dakota Codified Laws 47-21-65. Powers of cooperative–Borrowing–Security for borrowing
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A cooperative shall have power to borrow money and otherwise contract indebtedness, and to issue notes, bonds, and other evidences of indebtedness, and to secure the payment thereof by mortgage, pledge, or deed of trust of, or any other encumbrance upon, any or all of its then owned or after–acquired real or personal property, assets, franchises, or revenues.
Terms Used In South Dakota Codified Laws 47-21-65
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1947, ch 33, § 4; SDC Supp 1960, § 11.2204 (7).