Section 11-11-133 - Collateral required on loans to mortgage lenders.
11-11-133. Collateral required on loans to mortgage lenders. The authority shall require that loans to mortgage lenders pursuant to § 11-11-122 shall be additionally secured as to payment of both principal and interest by a pledge of and lien upon collateral security in such amounts as the authority shall by resolution determine to be necessary to assure the payment of such loans and the interest thereon as the same become due. Such collateral security shall consist of:
(1) Direct obligations of, or obligations guaranteed by, the United States of America;
(2) Obligations, satisfactory to the authority, issued by any of the following federal agencies: bank for cooperatives, federal intermediate credit bank, federal home loan bank system, federal land banks, any or all of the federal farm credit banks, the government national mortgage association, or by the federal national mortgage association;
(3) Direct obligations of or obligations guaranteed by the state; or
(4) Mortgages insured or guaranteed as to payment of principal and interest by the United States of America or an instrumentality thereof.
Source: SL 1973, ch 180, § 20 (7); SDCL Supp, § 28-19-114; SL 1979, ch 37, § 6.