46A-4-90. Additional security for deferred payments--Collection.
152 words·~1 min read·
/sd/title-46/chapter-46-4/46a-4-90A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to the lien, the board of directors may require the purchaser of the property to furnish the district with additional security upon all deferred payments. 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 from the sale, deposited with the county treasurer of the county in which the district was originally organized. The notes, bonds, mortgages, and other securities may be paid out only upon warrants duly authorized by the board of directors of the district, signed by the president and secretary of the board.
All actions at law or in equity brought for the purpose of collecting such indebtedness, shall be brought in the name of the district by counsel employed by the district board. If the board is disorganized, such employment shall be by the board of county commissioners.