57-15-11 — Limitation on enforcement of due-on-sale clauses.
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57-15-11. Limitation on enforcement of due-on-sale clauses.
After October 15, 1985, this chapter applies to any instrument described in Section 57-15-2 that:
(1) was originated in this state by a financial institution other than a national bank, a federal savings and loan association, a federal thrift institution, or a federal credit union; and
(2) was made or assumed during the period beginning on May 12, 1981, and ending on October 15, 1982.
After October 15, 1985, this chapter applies to any instrument described in Section 57-15-2 that:
(1) was originated in this state by a financial institution other than a national bank, a federal savings and loan association, a federal thrift institution, or a federal credit union; and
(2) was made or assumed during the period beginning on May 12, 1981, and ending on October 15, 1982.
Enacted by Chapter 2, 1985 General Session