South Dakota Codified Laws 21-48A-5. Redemption of real property by junior lienholder–Quit claim deed
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A lienholder of record may redeem real property which has been foreclosed by a mortgagee pursuant to this chapter. The redemption shall be made pursuant to § 21-52-14. Upon payment, the mortgagee shall convey the property by quit claim deed to the redeeming junior lienholder.
Terms Used In South Dakota Codified Laws 21-48A-5
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Source: SL 1991, ch 185, § 5.