South Dakota Administrative Rules
Title 12 - Department of Agriculture
Article 12:07 - Agriculture enterprise programs
Chapter 12:07:14 - Value adding livestock underwriting
Section 12:07:14:09 - Guaranty amount
Universal Citation: SD Admin Rules 12:07:14:09
Current through Register Vol. 50, page 114, March 25, 2024
The guaranty amount may not exceed 50 percent of the original principal amount of the executed note or $100,000, whichever is less, and shall be reduced on a pro rata basis as the remaining principal balance is reduced. Accordingly, the maximum amount that may be paid is 50 percent of the outstanding principal amount at the time of default.
General Authority: SDCL 38-6-8.1.
Law Implemented: SDCL 38-6-3, 38-6-8.
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