South Dakota Codified Laws 44-11-7. Foreclosure of innkeepers’ liens by action or advertisement
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Any person having a lien under the provisions of § 44-11-5 may foreclose the same under the provisions of chapter 21-53 or under the provisions of chapter 21-54 subject to the right of any person adversely interested to require foreclosure under the provisions of chapter 21-53.
Terms Used In South Dakota Codified Laws 44-11-7
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1913, ch 237, § 6; RC 1919, § 1003; SDC 1939, § 39.1507.