257B.10 - UNIFORM INTEREST DATE.
257B.10 UNIFORM INTEREST DATE.
If money is due to the permanent school fund, either for loans or
deferred payments of the purchase price of land sold, the interest
shall be made payable on the first day of January each year, and if
the debtor fails to pay the interest within six months of the date it
is due, the entire amount of both principal and interest shall become
due, and the county auditor shall report the nonpayment to the county
attorney, who shall immediately commence action for the collection of
the amount reported as due. This section is a part of a contract
made by virtue of this chapter, whether expressed in the contract or
not. Section History: Early Form
[R60, § 1975, 1979; C73, § 1854, 1855; C97, § 2846; C24, 27, 31,
35, 39, § 4478; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81,
§ 302.10] Section History: Recent Form
83 Acts, ch 185, § 13, 62
C93, § 257B.10