060-34 Wyo. Code R. § 34-8 - Security
(a) The Board shall require such security as
it deems advisable. Security for loans may include, but is not limited to, the
pledge and assignment of designated special property assessments within a
district, the pledge and assignment of user fees, the pledge and assignment of
hydro-power generated revenue, and/or first lien on equipment and
fixtures.
(b) Appraisals of offered
security will be done by staff appraisers from the Office.
(c) Every loan will be evidenced by a
promissory note for the principal sum of the loan signed by the
borrower(s).
(d) The loan agreement
shall provide a legal right of access to the Board and its agents for the
purposes of inspection, maintenance, inventory, retrieval of personal property
and fixtures, and foreclosure proceedings. Such right shall be assignable to
the purchaser at any foreclosure sale.
(e) All loan documents including, but not
limited to, notes, mortgage deeds, and security instruments shall be executed
in the form and manner acceptable to the Wyoming Attorney General.
Notes
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