South Dakota Codified Laws 5-12-52. Bonds of corporation not a lien, charge or liability against the state–Pledge of education enhancement trust funds prohibited
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No bond of the corporation issued, incurred, or created under §§ 5-12-48 to 5-12-61, inclusive, may be or become a lien, charge, or liability against the State of South Dakota or the authority, nor against the property or funds of the State of South Dakota or the authority within the meaning of the Constitution or statutes of South Dakota. In no event may any of the funds deposited into the education enhancement trust fund be pledged to secure payment of any bonds issued under the authority of §§ 5-12-48 to 5-12-61, inclusive.
Terms Used In South Dakota Codified Laws 5-12-52
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 2001, ch 27, § 5; SL 2013, ch 28, § 4.