South Dakota Administrative Rules
Title 12 - Department of Agriculture
Article 12:22 - Agribusiness bonding and lending programs
Chapter 12:22:02 - Value added agribusiness relending program
Section 12:22:02:13 - Loan agreement

Universal Citation: SD Admin Rules 12:22:02:13
Current through Register Vol. 51, page 43, September 23, 2024

After the application is approved by the VAFA and the agency, and after the financial status of the applicant is reviewed, the VAFA shall execute a loan agreement with the borrower. The loan agreement shall contain the rights and responsibilities of the parties and the terms and conditions of the loan. Any requirements for loan security shall be included in the loan agreement. Loans may be secured or unsecured. Secured loans may be secured by liens on the interest of the borrower in real or personal property, tangible or intangible property, easements, rights-of-way, water rights, leasehold interest used in connection with the project, and any other assets of the borrower considered necessary by the VAFA to adequately collateralize the loan.

General Authority: SDCL 1-16E-24.

Law Implemented: SDCL 1-16E-8.

Disclaimer: These regulations may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.