Title of financed facility to remain in participating institution--Mortgage--Lease prohibited

If an educational or health facility is financed pursuant to §§ 1-16A-54.1 to 1-16A-54.3 , inclusive, the title to the facility shall remain in the participating educational or health institution owning the facility. The title is subject to the lien of the mortgage, if any, securing the securities being purchased. There may not be a lease of the facility between the authority and the institution. Source: SL 1976, ch 9 , § 2; SL 2013, ch 5 , § 3.