S.D. Admin. R. 12:03:03:07

Current through Register Vol. 51, page 67, December 16, 2024

Section 12:03:03:07 - Default

A loan from the revolving fund is in default if the district fails to make an annual payment within 90 days after the due date, unless the commission has approved a request for a loan extension or modification pursuant to § 12:03:03:11. Upon default in the payments of principal and accrued interest on the loan or in the performance of any covenant or condition, the commission, may.

(1) Declare immediately due and payable;

(a) The outstanding principal amount;

(b) The accrued interest; and

(c) All costs associated with the collection of the outstanding balance.

(2) For the account of the borrower, incur and pay reasonable expenses for repair of maintenance of the equipment and other expenses necessary to cure the cause of default; or

(3) Take possession of the equipment and sell, lease, or otherwise dispose of the equipment entity.

S.D. Admin. R. 12:03:03:07

11 SDR 59, effective 10/29/1984; 12 SDR 128, 12 SDR 154, effective 7/1/1986; 21 SDR 90, effective 11/14/1994; 49 SDR 049, effective 11/23/2022

General Authority: SDCL 38-8-53, 38-8-53.1.

Law Implemented: SDCL 38-8-53, 38-8-53.1.