South Dakota Codified Laws 44-10-5. Pledge as security for obligation of another–Rights of pledgor, exception–Considerationfor pledge received from debtor cannot be withdrawn without consent
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Property may be pledged as security for the obligation of a person other than the owner and in so doing the owner has all the rights of a pledgor for himself except that he cannot withdraw the property otherwise than as a pledgor for himself might; and if he receives from the debtor a consideration for the pledge, he cannot withdraw it without his consent.
Terms Used In South Dakota Codified Laws 44-10-5
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: CivC 1877, §§ 1763, 1765; CL 1887, §§ 4398, 4400; RCivC 1903, §§ 2110, 2112; RC 1919, §§ 1611, 1613; SDC 1939, § 39.0506.