46-188. Discontinuance of district; sale of property; deferred payments lien on property sold; additional security.
132 words·~1 min read·
/ne/chapter-46/46-188A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Such deferred payments shall be a lien upon all of the property thus sold by the board which shall have the same force and effect as a mortgage against such property and may, when due, be foreclosed in the same manner provided by law for the foreclosure of mortgages. In addition to such lien, the board of directors may require the purchaser of the property to furnish the district with such additional security upon all deferred payments as in its judgment shall make such payments secure.
All notes, bonds, mortgages and other securities shall be made out to and in the name of the irrigation district, and shall be, together with the money received by such sale, deposited with the county treasurer of the county in which the district was originally organized.