47-21-44. Encumbering cooperative property in favor of governmental agency permitted.The board of directors of a cooperative shall have full power to authorize the execution and delivery of a mortgage or mortgages or a deed or deeds of trust of, or the pledging or encumbering of, any or all of the property, assets, rights, privileges, licenses, franchises, and permits of the cooperative whether acquired or to be acquired, and wherever situated, as well as the revenues therefrom, all upon such terms and conditions as the board of directors shall determine, to secure any indebtedness of the cooperative to United States of America or any agency or instrumentality thereof or any other lender. Source: SL 1947, ch 33, §24; SDC Supp 1960, §11.2224 (1); SL 1971, ch 259, §1.
South Dakota Legal Code