Section 11-11-83 - Appointment of trustees by holders of obligations after default byauthority. - South Dakota Statutes

11-11-83. Appointment of trustees by holders of obligations after default by authority. In the event that the authority shall default in the payment of principal or of interest on any bonds or notes issued under this chapter after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty days, or in the event that the authority shall fail or refuse to comply with the provisions of this chapter, or shall default in any agreement made with the holders of an issue of bonds or notes of the authority, the holders of twenty-five percent in aggregate principal amount of the bonds or notes of such issue then outstanding, by instrument or instruments filed in the Office of the Secretary of State and proved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of such bonds or notes for the purposes herein provided.

Source: SL 1973, ch 180, § 44; SDCL Supp, § 28-19-74.