<html> <head> <title>Rule 70:05:03:14 Default on loan agreement.</title> <META NAME="Keywords" Content="Administrative Rules 70:05:03:14"> <META NAME="Description" Content="Administrative Rules 70:05:03:14 Default on loan agreement."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <title>CHAPTER 70:05:02</title> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>70:05:03:14.&nbsp;&nbsp;Default on loan agreement.</b> If the borrower violates any of the terms of the loan agreement, the board may place the borrower in default. Upon default, the board may declare due and payable the entire principal amount then outstanding and the accrued interest or take any other action provided by law which is considered appropriate by the board to protect its interests.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 19 SDR 107, effective January 24, 1993.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=49-16C-3">49-16C-3.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=49-16C-3">49-16C-3.</A></p> </div> </body> </html>