South Dakota Codified Laws 49-40-2. Hypothecation of assets permitted
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If, in order to borrow money, it shall become necessary that a consumers power district mortgage, or otherwise hypothecate, any of its said property or assets to secure the payment of a loan or loans made to it, such district is hereby authorized and empowered to do so.
Terms Used In South Dakota Codified Laws 49-40-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1950 (SS), ch 17, § 59; SDC Supp 1960, § 52.1758; SL 1975, ch 288.