Section 1-16A-54.4 - Title of financed facility to remain in participating institution--Mortgage--Leaseprohibited. - South Dakota Statutes

1-16A-54.4. Title of financed facility to remain in participating institution--Mortgage--Lease prohibited. In the event an educational or health facility is financed pursuant to §§ 1-16A-54.1 to 1-16A-54.3, inclusive, the title to such facility shall remain in the participating educational or health institution owning the same, subject to the lien of the mortgage securing the securities then being purchased and there shall be no lease of such facility between the authority and such institution.

Source: SL 1976, ch 9, § 2.