South Dakota Codified Laws 29A-6-425. Purchaser for value or lender acquiring security interest in property takes propertyfree of claims
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A purchaser for value of property or a lender who acquires a security interest in the property from a beneficiary of a transfer on death deed after the death of the owner, in good faith, takes the property free of any claims of or liability to the owner’s estate, creditors of the owner’s estate, persons claiming rights as beneficiaries under the deed or heirs of the owner’s estate, in absence of actual knowledge that the transfer was improper or that the information in an affidavit of confirmation, if any, provided pursuant to § 29A-6-432, is not true; and, a purchaser or lender for value has no duty to verify sworn information relating to the deed.
Terms Used In South Dakota Codified Laws 29A-6-425
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 2014, ch 133, § 25.