South Dakota § 13-51A-21 - Trustee for bondholders--General powers--Trust agreement.
Full text of South Dakota South Dakota Codified Laws § 13-51A-21 — Trustee for bondholders--General powers--Trust agreement., with citation guidance and answers to common questions.
§ 13-51A-21. Trustee for bondholders--General powers--Trust agreement.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to vest in a trustee or trustees the right to receive all or any part of the income and revenue pledged and assigned to, or for the benefit of the holder or holders of bonds issued under this chapter, and to hold, apply, and dispose of the same and the right to enforce any covenant made to secure or pay or in relation to the bonds; execute and deliver a trust agreement or trust agreements which may set forth the powers and duties and the remedies available to such trustee or trustees and limiting the liabilities thereof and describing what occurrences shall constitute events of default and prescribing the terms and conditions upon which such trustee or trustees or the holder or holders of any specified amount or percentage of such bonds may exercise such right and enforce any and all such covenants and resort to such remedies as may be appropriate.
Source: SL 1971, ch 134, § 5, subdiv 7.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 13-51A-21
What does South Dakota Codified Laws § 13-51A-21 cover?
Section 13-51A-21 ("Trustee for bondholders--General powers--Trust agreement.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. 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 Dakota § 13-51A-21?
A common citation format is "South Dakota Codified Laws § 13-51A-21" (South Dakota). 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 Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 13-51A-21 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota 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 Dakota.