South Carolina Code 6-21-550. Effect of chapter on existing contracts and liens
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Terms Used In South Carolina Code 6-21-550
- borrower: as used in this chapter shall be construed to mean the municipality operating under this chapter. See South Carolina Code 6-21-10
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Nothing in this chapter shall be construed as authorizing any borrower to impair or commit a breach of the obligation of any valid lien or contract created or entered into by it, the intention hereof being to authorize the pledging, setting aside and segregation of gross revenues only when consistent with outstanding obligations of such borrower.