South Dakota Codified Laws 7-31-46. County commissioners to direct managing agents–Contracts on behalf of county
Current as of: 2023 | Check for updates
|
Other versions
Such agent or agents shall act under the direction of the board of county commissioners and with the approval of such board shall enter into all necessary contracts on behalf of the county for the lease or rental of any lands, the title to which has been or may hereafter be acquired by the county through foreclosure of any school–fund mortgage, tax–deed proceeding, or other source, except lands owned and held by the county for public use.
Terms Used In South Dakota Codified Laws 7-31-46
- 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
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1937, ch 87, § 1; SDC 1939, § 12.2218.