Section 11-11-84 - Enforcement of creditors' rights by trustee--Collection of mortgagepayments. - South-dakota Statutes

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11-11-84. Enforcement of creditors' rights by trustee--Collection of mortgage payments. A trustee appointed pursuant to § 11-11-83 may, and upon written request of the holders of twenty-five percent in principal amount of such bonds or notes then outstanding shall, in his or its own name, enforce all rights of the bondholders or noteholders, including the right to require the authority to collect interest and amortization payments on the mortgages held by it adequate to carry out any agreement as to, or pledge of, such interest and amortization payments, and to require the authority to carry out any other agreements with the holders of such bonds or notes and to perform its duties under this chapter.

Source: SL 1973, ch 180, § 44 (1); SDCL Supp, § 28-19-75.

State Codes and Statutes

Statutes > South-dakota > Title-11 > Chapter-11 > Statute-11-11-84

11-11-84. Enforcement of creditors' rights by trustee--Collection of mortgage payments. A trustee appointed pursuant to § 11-11-83 may, and upon written request of the holders of twenty-five percent in principal amount of such bonds or notes then outstanding shall, in his or its own name, enforce all rights of the bondholders or noteholders, including the right to require the authority to collect interest and amortization payments on the mortgages held by it adequate to carry out any agreement as to, or pledge of, such interest and amortization payments, and to require the authority to carry out any other agreements with the holders of such bonds or notes and to perform its duties under this chapter.

Source: SL 1973, ch 180, § 44 (1); SDCL Supp, § 28-19-75.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-11 > Chapter-11 > Statute-11-11-84

11-11-84. Enforcement of creditors' rights by trustee--Collection of mortgage payments. A trustee appointed pursuant to § 11-11-83 may, and upon written request of the holders of twenty-five percent in principal amount of such bonds or notes then outstanding shall, in his or its own name, enforce all rights of the bondholders or noteholders, including the right to require the authority to collect interest and amortization payments on the mortgages held by it adequate to carry out any agreement as to, or pledge of, such interest and amortization payments, and to require the authority to carry out any other agreements with the holders of such bonds or notes and to perform its duties under this chapter.

Source: SL 1973, ch 180, § 44 (1); SDCL Supp, § 28-19-75.