South Dakota Codified Laws 21-49-12. Clause subjecting mortgage to chapter–Caption required–Mortgagor’s rightto possession of property during redemption period
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Any mortgage containing the following statement in printed or typed capital letters: “THE PARTIES AGREE THAT THE PROVISIONS OF THE ONE HUNDRED EIGHTY DAY REDEMPTION MORTGAGE ACT GOVERN THIS MORTGAGE,” shall be subject to the provisions of this chapter. Any mortgage executed under this chapter shall be entitled in printed or typed capital letters: “MORTGAGE–ONE HUNDRED EIGHTY DAY REDEMPTION.” No mortgage made pursuant to this chapter shall contain any provisions whereby the mortgagor is denied the right to possession of the mortgaged property during the redemption period as provided in this chapter.
Terms Used In South Dakota Codified Laws 21-49-12
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1963, ch 236, § 5; SDCL, § 21-49-2; SL 1977, ch 187, § 2.