South Dakota Codified Laws 1-53-18. Property given as security for loan
Current as of: 2023 | Check for updates
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The Board of Economic Development may take title by foreclosure or transfer in lieu of foreclosure to any property given as security if the acquisition is necessary to protect or collect any small business credit initiative loan and may sell, transfer, or convey any such property to any responsible buyer.
Terms Used In South Dakota Codified Laws 1-53-18
- 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
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 2012, ch 15, § 4; SL 2022, ch 6, § 4.