South Dakota Codified Laws 20-7-9. Rescission of satisfaction by substitution of debtor
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When the obligation of a third person on an order upon such person is accepted in satisfaction, the creditor may rescind such acceptance if the debtor prevents such person from complying with the order, or from fulfilling the obligation; or if, at the time the obligation or order is received, such person is insolvent, and this fact is unknown to the creditor; or if, before the creditor can with reasonable diligence present the order to the person upon whom it is given, he becomes insolvent.
Terms Used In South Dakota Codified Laws 20-7-9
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: CivC 1877, § 866; CL 1887, § 3490; RCivC 1903, § 1184; RC 1919, § 791; SDC 1939, § 47.0239.