South Dakota Codified Laws 21-49-14. Forms of mortgages authorized–Address and description requirements notapplicable
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Real estate mortgages, in any form, including but not limited to, open end mortgages, collateral real estate mortgages, renegotiated rate mortgages, shared appreciation mortgages, and variable rate mortgages are authorized under the provisions of this chapter. The provisions of § 7-9-7 shall not be applicable to proceedings under this chapter.
Terms Used In South Dakota Codified Laws 21-49-14
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
Source: SL 1977, ch 187, § 4; SL 1981, ch 170, § 2.