Wyoming § 11-34-110 Limitations on borrowers; due on sale clause;
sale of mortgaged land

Wyoming Statutes

§ 11-34-110 — Limitations on borrowers; due on sale clause; sale of mortgaged land

Wyoming·Title 11 Agriculture, Livestock and Other Animals·Ch. 34 STATE LOAN AND INVESTMENT BOARD·Art. 1 IN GENERAL

(a)No loan shall be made to any person who is not at the time or shortly to become engaged in the cultivation and development of the farm land mortgaged.

(b)Loans shall be made only to qualified Wyoming electors or to a corporation if a majority of the corporation's outstanding shares are owned beneficially or of record by qualified Wyoming electors.

(c)Every mortgage shall contain a due on sale clause which may be exercised at the option of the board. The board may permit a mortgage to be assumed by a purchaser who is otherwise qualified to receive a loan under this act, or by the heirs of a deceased mortgagor.

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(a) No loan shall be made to any person who is not at the
time or shortly to become engaged in the cultivation and
development of the farm land mortgaged.
(b) Loans shall be made only to qualified Wyoming electors
or to a corporation if a majority of the corporation's
outstanding shares are owned beneficially or of record by
qualified Wyoming electors.
(c) Every mortgage shall contain a due on sale clause
which may be exercised at the option of the board. The board may
permit a mortgage to be assumed by a purchaser who is otherwise
qualified to receive a loan under this act, or by the heirs of a
deceased mortgagor.

Wyoming § 11-34-110 (Limitations on borrowers; due on sale clause; sale of mortgaged land) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.