Section 58-27-49 - Sale of mortgage loans to federal national mortgage association. - South Dakota Statutes

58-27-49. Sale of mortgage loans to federal national mortgage association. Notwithstanding any other provision of law, any institution, including an insurance company or other insuring organization, organized under the laws of this state, which has as one of its principal purposes the making or purchasing of loans secured by real estate mortgages, is authorized to sell such mortgage loans to the federal National Mortgage Association, a corporation chartered by an act of Congress, or any successor thereof, and in connection therewith to make payments of any capital contributions, required pursuant to law, in the nature of subscriptions for stock of the federal National Mortgage Association or any successor thereof, to receive stock evidencing such capital contributions, and to hold or dispose of such stock.

Source: SL 1955, ch 231; SDC Supp 1960, § 39.0309.