South Dakota Codified Laws 9-40-24. Exchange of bonds for underlying debt–Application of proceeds to debt
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Bonds may be issued and negotiated subject to this chapter, in exchange for or in satisfaction of an underlying lien, debt, or charge on the utility, and the proceeds applied in payment of the same at or before maturity of the underlying lien or debt.
Terms Used In South Dakota Codified Laws 9-40-24
- Lien: A claim against real or personal property in satisfaction of a debt.
- utility: as used in this chapter means any system or part of system as referred to in §. See South Dakota Codified Laws 9-40-2
Source: SL 1931, ch 194, § 18; SDC 1939, § 45.2417; SL 1949, ch 191, § 9; SL 1984, ch 43, § 81.