South Dakota Codified Laws 44-8-23. Executory contract remedies unaffected by deficiency judgment provisions
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Nothing contained in § 44-8-20 or 44-8-21 shall affect the liabilities of the parties to a contract for sale of real estate prior to the time such contract is merged into a mortgage note and mortgage, and judgment for foreclosure or for the amount due under said contract or any other customary judgment, may be rendered under such contract.
Terms Used In South Dakota Codified Laws 44-8-23
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1933, ch 138, § 5; SL 1935, ch 150, § 5; SDC 1939, § 39.0308.