South Dakota Codified Laws 49-34A-52. Acknowledgment by utility of municipal offer to purchase facilities in annexed area–Obligations of parties
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The electric utility, within ninety days after receipt of an offer by the annexing municipality to purchase the utility’s electric distribution properties and service rights within the annexed area, shall signify in writing its acknowledgment of the offer, and the parties shall proceed to act. The annexing municipality shall then be obligated to buy and pay for, and the utility shall be obligated to sell to the municipality such properties and rights free and clear of all mortgage liens and encumbrances for the aforesaid cash consideration computed and payable as provided in § 49-34A-50.
Terms Used In South Dakota Codified Laws 49-34A-52
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1975, ch 283, § 42 (4).