South Dakota § 1-16B-25 Appointment of trustee on default in payment of bonds or notes.

South Dakota Statutes

§ 1-16B-25 — Appointment of trustee on default in payment of bonds or notes.

South Dakota § 1-16B-25

Title 1STATE AFFAIRS AND GOVERNMENT

Ch. 1-16ECONOMIC DEVELOPMENT FINANCE AUTHORITY

This text of South Dakota § 1-16B-25 (Appointment of trustee on default in payment of bonds or notes.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 1-16B-25 (2026).

Text

If the authority is in default in the payment of principal or interest on any bonds or notes issued under this chapter for a period of thirty days, or if the authority fails to comply with the provisions of this chapter or defaults in any agreement with the holders of bonds or notes of the authority, the holders of twenty - five percent of the aggregate principal amount of the outstanding bonds or notes of that issue may appoint a trustee to represent them by filing the appointment with the secretary of state.

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If the authority is in default in the payment of principal or interest on any bonds or notes issued under this chapter for a period of thirty days, or if the authority fails to comply with the provisions of this chapter or defaults in any agreement with the holders of bonds or notes of the authority, the holders of twenty - five percent of the aggregate principal amount of the outstanding bonds or notes of that issue may appoint a trustee to represent them by filing the appointment with the secretary of state.