20-26-1107. Dissolution -- disposition of money. (1) The guaranteed student loan program may not be dissolved until all contractual obligations have been satisfied and all loans guaranteed have been paid by the borrower or, if in default, by the board.
     (2) Upon dissolution of the program or the cessation of the program's activities, all property and money of the board relating to the guaranteed student loan program not refundable to the federal government as provided by law vest in the state and shall be credited to the general fund.

     History: En. Sec. 9, Ch. 691, L. 1979.