Section 54-13-15 - Continuation of mediation--Expiration of mediation period--Agreement betweenborrower and creditors.
54-13-15. Continuation of mediation--Expiration of mediation period--Agreement between borrower and creditors. If the borrower and the initiating creditor consent, mediation may continue beyond the forty-two day mediation period with the same force and effect as though held within the forty-two day period. If no meeting is held within the forty-two day mediation period, absent a waiver thereof, extension, or further agreement between borrower and creditor, the expiration of the mediation period shall conclusively constitute a mediation release. The director of the agriculture mediation program shall so inform the borrower and creditors and certify accordingly.
Any agreement reached between borrower and creditors as a result of mediation shall be drafted into a written agreement. If signed by borrower and creditors, the agreement shall constitute a mediation release, and the mediator shall so certify on the agreement.
Source: SL 1988, ch 384, § 15; SL 1991, ch 394, § 11; SL 2001, ch 259, § 12.