South Dakota Codified Laws 44-3-1. Marshaling securities among lien holders–Lien upon several things–Subordinate interestof others in some of the things–Classes of property to which resort may be had
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Where one has a lien upon several things and other persons have subordinate liens upon or interests in some but not all of the same things, the person having the prior lien, if he can do so without risk of loss to himself or of injustice to other persons, must resort to the property in the following order on the demand of any party interested:
(1) To the things on which he has exclusive lien;
Terms Used In South Dakota Codified Laws 44-3-1
- 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
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) To the things which are subject to the fewest subordinate liens; and
(3) In like manner inversely to the number of subordinate liens upon the same thing.
Source: CivC 1877, § 1713; CL 1887, § 4337; RCivC 1903, § 2033; RC 1919, § 1538; SDC 1939, § 39.0114.