Exchange of bonds for underlying debt--Application of proceeds to debt

Bonds may be issued and negotiated subject to this chapter, in exchange for or in satisfaction of an underlying lien, debt, or charge on the utility, and the proceeds applied in payment of the same at or before maturity of the underlying lien or debt. Source: SL 1931, ch 194 , § 18; SDC 1939, § 45.2417; SL 1949, ch 191 , § 9; SL 1984, ch 43 , § 81.