South Dakota Codified Laws 7-31-34. Method of sale of school mortgage lands unaffected
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Nothing in §§ 7-31-1 to 7-31-33, inclusive shall change the method of sale of county–owned land acquired in satisfaction of a school–fund loan mortgage or through foreclosure of such except that the same may be classified, leased, and managed as provided in said sections.
Terms Used In South Dakota Codified Laws 7-31-34
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1939, ch 25, § 5; SDC Supp 1960, § 12.3408.