S.D. Admin. R. 68:01:02:13
After the application for a loan is approved by the authority and the USDA RD and after the financial status of the applicant is reviewed, the authority shall execute a loan agreement with the borrower. The loan agreement shall contain the rights and responsibilities of the parties and the terms and conditions of the loan. The requirements to secure the loan shall be included in the loan agreement.
Loans may be secured or unsecured. Secured loans may be secured by liens on the interest of the borrower in all real and personal property, tangible or intangible; easements; rights-of-way; water rights; leasehold interest used in connection with the project; and any other assets of the borrower considered necessary by the authority to adequately collateralize the loan.
S.D. Admin. R. 68:01:02:13
General Authority: SDCL 1-16B-14(4).
Law Implemented: SDCL 1-16B-37, 1-16B-44, 1-16B-46.