Section 11-11-126 - Price paid by authority for mortgage loans purchased--Accrued interest. - South-dakota Statutes

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11-11-126. Price paid by authority for mortgage loans purchased--Accrued interest. The authority shall purchase mortgage loans at a purchase price equal to the outstanding principal balance thereof, provided, however, that a discount from the principal balance or the payment of a premium may be employed to effect a fair rate of return, as determined by the rate of return on comparable investments under market conditions existing at the time of purchase. In addition to the aforesaid payment of outstanding principal balance, the authority shall pay the accrued interest due thereon, on the date the loan or obligation is delivered against payment therefor.

Source: SL 1973, ch 180, § 20 (2); SDCL Supp, § 28-19-108.

State Codes and Statutes

Statutes > South-dakota > Title-11 > Chapter-11 > Statute-11-11-126

11-11-126. Price paid by authority for mortgage loans purchased--Accrued interest. The authority shall purchase mortgage loans at a purchase price equal to the outstanding principal balance thereof, provided, however, that a discount from the principal balance or the payment of a premium may be employed to effect a fair rate of return, as determined by the rate of return on comparable investments under market conditions existing at the time of purchase. In addition to the aforesaid payment of outstanding principal balance, the authority shall pay the accrued interest due thereon, on the date the loan or obligation is delivered against payment therefor.

Source: SL 1973, ch 180, § 20 (2); SDCL Supp, § 28-19-108.

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State Codes and Statutes

Statutes > South-dakota > Title-11 > Chapter-11 > Statute-11-11-126

11-11-126. Price paid by authority for mortgage loans purchased--Accrued interest. The authority shall purchase mortgage loans at a purchase price equal to the outstanding principal balance thereof, provided, however, that a discount from the principal balance or the payment of a premium may be employed to effect a fair rate of return, as determined by the rate of return on comparable investments under market conditions existing at the time of purchase. In addition to the aforesaid payment of outstanding principal balance, the authority shall pay the accrued interest due thereon, on the date the loan or obligation is delivered against payment therefor.

Source: SL 1973, ch 180, § 20 (2); SDCL Supp, § 28-19-108.