85-7-2153. Assignment of debenture certificates. The certificates provided for by the preceding section hereof shall be assignable and may be sold or negotiated by the board of commissioners of said irrigation district and the proceeds thereof delivered to and deposited with the county treasurer of said county for proper credit to the respective funds of said irrigation district. Upon the sale, negotiation, or transfer thereof, as provided for above, the lien of said irrigation district shall vest in the purchaser thereof and is only divested by the payment to the purchaser or the county treasurer of said county, for his use, of the sum for which said certificate is issued and 1% additional for each month that elapses from the date of such certificate until redeemed as hereinafter provided for.

     History: En. Sec. 2, Ch. 127, L. 1913; re-en. Sec. 7244, R.C.M. 1921; re-en. Sec. 7244, R.C.M. 1935; R.C.M. 1947, 89-1817.