Any cemetery corporation shall also have power to acquire any real property other than real property specified in § 47-29-11, if such acquirement is by gift, by devise under a will, or by purchase at foreclosure sale of any such real property on which such corporation holds a lien. Any such real property heretofore so acquired by such corporation may continue to be owned and held by such corporation. Any such real property so acquired and outside the boundaries of other real estate acquired for cemetery purposes may be sold and conveyed by such corporation, the same as with reference to real property owned and held by other corporations.

Terms Used In South Dakota Codified Laws 47-29-12

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Devise: To gift property by will.
  • 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
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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: SDC 1939, § 11.1906 as added by SL 1955, ch 16.

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