South Dakota Codified Laws 7-31-14. Insurance on county-owned improvements
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The board of county commissioners may, whenever it appears to be for the best interests of the county and other taxing districts, procure insurance against the hazards of fire, windstorm, tornado, and hail, on buildings held by the county, or in which the county has an interest, situated on land acquired by tax–deed proceedings, foreclosure of school–fund mortgage, or otherwise, and the cost thereof shall be deducted from rentals of such land and buildings in the same manner as administrative expenses, as provided in § 7-31-12.
Terms Used In South Dakota Codified Laws 7-31-14
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1945, ch 35; SDC Supp 1960, § 12.3411 (3).