53B-12-105 - Agreement with loan holders -- Terms unalterable.
53B-12-105. Agreement with loan holders -- Terms unalterable.
(1) The rights vested in the board to fulfill the terms of an agreement made with theholder of a guaranteed loan shall not be limited or altered nor shall the rights and remedies of theholder be impaired in any manner until the guaranteed loan is fully met and discharged.
(2) An agreement with the holder of a guaranteed loan shall include a statement to thiseffect.
Enacted by Chapter 167, 1987 General Session