Unless the bylaws of a cooperative provide otherwise, the board of directors may secure payment of a cooperative's debts by mortgaging the cooperative's rights, privileges, authority and franchises, revenues, and other property.
S.D. Codified Laws § 47-18-10
Mortgaging assets to secure payment of debts
Source: SDC 1939, § 11.1130 (2) as enacted by SL 1965, ch 23, § 1.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.