2011 South Dakota Code
Title 1 STATE AFFAIRS AND GOVERNMENT
Chapter 16G. Economic Development
§1-16G-12 to 1-16G-16. Repealed.

1-16G-1.2. Foreclosure as means of protecting grant or loan--Sale, transfer, or conveyance of property. The Board of Economic Development may take title by foreclosure to any property given as security if the acquisition is necessary to protect any economic development grant or loan or any large project development grant made pursuant to the provisions of this chapter, and may sell, transfer, or convey any such property to any responsible buyer. Any sale of property pursuant to the provisions of this chapter shall be performed in a commercially reasonable manner. If the sale, transfer, or conveyance cannot be effected with reasonable promptness, the board may, in order to prevent financial loss and sustain employment, lease the property to a responsible tenant or tenants.

All sale proceeds or lease payments received by the board pursuant to this section shall be deposited in the fund from which the original grant or loan was made.

Source: SL 1997, ch 7, § 2; SL 2011, ch 6, § 1.