South Dakota Codified Laws 21-48-16. Surplus proceeds of sale paid to clerk of court–Notice to mortgagor and junior lienholders of deposit of surplus
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It shall be the duty of every officer who conducts any such sale to apply the proceeds thereof as provided in § 21-47-18, except that the surplus, if any, shall be paid to the clerk of the circuit court and he shall give his receipt therefor. The sheriff shall forthwith give notice by mail to the mortgagor, his personal representatives or assigns, and to all persons holding junior encumbrances or liens, of the deposit of such surplus with the clerk.
Terms Used In South Dakota Codified Laws 21-48-16
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
Source: CCivP 1877, § 610; SL 1887, ch 27, § 1; CL 1887, § 5424; SL 1893, ch 118; RCCivP 1903, §§ 649, 664; RC 1919, § 2885; SL 1923, ch 222; SDC 1939 & Supp 1960, § 37.3006.