13-39A-26. Security for payments by LEA or board under lease-purchase agreements. The board may contract with or enter into other agreements with the South Dakota Health and Educational Facilities Authority, any LEA, the state treasurer, or others in order to pledge or otherwise transfer all or any portion of tuition and other student fees subject to deposit in the tuition subaccount in order to secure payments by any LEA or the board under a lease-purchase agreement with the authority. A contract or other agreement may also provide for the release from pledge and lien of any amounts determined to be unnecessary for payment of amounts currently owed under any lease-purchase agreement. Any pledge of tuition and other student fees are valid and binding from the time the pledge is made. The amount of tuition and other fees pledged and thereafter received shall immediately be subject to the lien of pledge without any physical delivery thereof or further act. The lien of the pledge is valid and binding against the LEA and any other person having any claim of any kind in tort, contract, or otherwise against the LEA, the board, the authority, the state treasurer, or any other person, irrespective of whether the person has notice of the claim. Neither the contract nor any other agreement or instrument creating a pledge needs to be recorded.
Source: SL 2017, ch 81, § 26.
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