Section 46A-4-90 - Purchasers of property on dissolution of irrigation district--Additional securityfor deferred payments--Collection. - South Dakota Statutes

46A-4-90. Purchasers of property on dissolution of irrigation district--Additional security for deferred payments--Collection. In addition to such lien, the board of directors may require the purchaser of the property to furnish the district with such additional security upon all deferred payments as in its judgment shall make such payments secure; and all notes, bonds, mortgages, and other securities shall be made out to and in the name of the irrigation district, and shall be, together with the money received from such sale, deposited with the county treasurer of the county in which the district was originally organized and shall be paid out only upon warrants duly authorized by the board of directors of the district, signed by the president and secretary of such board. All actions at law or in equity brought for the purpose of collecting such indebtedness, shall be brought in the name of such district by counsel employed by the district board; and in case the board shall be disorganized, such employment shall be by the board of county commissioners.

Source: SDC 1939, § 61.0848; SDCL, § 46-12-85.