South Carolina § 41-43-140 - Insurance fund; use as security for holders of bonds.
Full text of South Carolina South Carolina Code of Laws § 41-43-140 — Insurance fund; use as security for holders of bonds., with citation guidance and answers to common questions.
§ 41-43-140. Insurance fund; use as security for holders of bonds.
The authority may create an insurance fund consisting solely of program funds which must be held as security for the holders of bonds issued under this act. Such funds shall be held in the custody of the State Treasurer, or with his approval may be held in the custody of one or more commercial banks or trust companies having a principal place of business in this State. The authority also may use program funds to purchase insurance to be pledged for the security of the holders of any bonds issued under this act.
In any case in which insurance is pledged as security, whether obtained through the insurance funds authorized to be created under this section or purchased with program funds, it must expressly state the limitation of the liability of the authority and further that neither the credit nor taxing power of the State or any political subdivision thereof is available to satisfy any obligations with respect thereto.
HISTORY: 1983 Act No. 145 SECTION 15.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 41-43-140
What does South Carolina Code of Laws § 41-43-140 cover?
Section 41-43-140 ("Insurance fund; use as security for holders of bonds.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 41-43-140?
A common citation format is "South Carolina Code of Laws § 41-43-140" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 41-43-140 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.