Section 11-11-85 - Proceedings by trustee on loans to mortgage lenders--Application ofcollateral. - South Dakota Statutes

11-11-85. Proceedings by trustee on loans to mortgage lenders--Application of collateral. A trustee appointed pursuant to § 11-11-83 may, and upon written request of the holders of twenty-five percent in principal amount of such bonds or notes then outstanding shall, in his or its own name, enforce all rights of the bondholders or noteholders, including the right to collect and enforce the payment of principal of and interest due or becoming due on loans to mortgage lenders and collect and enforce any collateral securing such loans or sell such collateral, so as to carry out any contract as to, or pledge of revenues, and to require the authority to carry out and perform the terms of any contract with the holders of such bonds or notes or its duties under this chapter.

Source: SL 1973, ch 180, § 44 (2); SDCL Supp, § 28-19-76.