Nothing in this chapter shall be construed as authorizing any borrower to impair or commit a breach of the obligation of any valid lien or contract created or entered into by it, the intention hereof being to authorize the pledging, setting aside and segregation of gross revenues only when consistent with outstanding obligations of such borrower.
S.C. Code Ann. § 6-21-550
Effect of chapter on existing contracts and liens
1962 Code SECTION 59-413; 1952 Code SECTION 59-413; 1942 Code SECTION 9273; 1933 (38) 411.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.