South Dakota § 1-16J-11 Action to compel payment of principal or interest on bonds or premium.

South Dakota Statutes

§ 1-16J-11 — Action to compel payment of principal or interest on bonds or premium.

South Dakota·Title 1 STATE AFFAIRS AND GOVERNMENT·Ch. 1-16J SOUTH DAKOTA ELLSWORTH DEVELOPMENT AUTHORITY

If the authority fails to pay the principal of, or interest on, any of the revenue bonds or premium, if any, as the principal or interest becomes due, a civil action to compel payment may be instituted in circuit court by the holder or holders of the revenue bonds on which such default of payment exists or by an indenture trustee acting on behalf of such holders. Delivery of a summons and a copy of the complaint to the chair of the authority constitutes sufficient service to give the circuit court jurisdiction of the subject matter of such a suit and jurisdiction over the authority and its officers named as defendants for the purpose of compelling such payment.

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If the authority fails to pay the principal of, or interest on, any of the revenue bonds or premium, if any, as the principal or interest becomes due, a civil action to compel payment may be instituted in circuit court by the holder or holders of the revenue bonds on which such default of payment exists or by an indenture trustee acting on behalf of such holders. Delivery of a summons and a copy of the complaint to the chair of the authority constitutes sufficient service to give the circuit court jurisdiction of the subject matter of such a suit and jurisdiction over the authority and its officers named as defendants for the purpose of compelling such payment.

South Dakota § 1-16J-11 (Action to compel payment of principal or interest on bonds or premium.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.