South Dakota Codified Laws 21-49-20. Recovery proceedings not allowed pending foreclosure action
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After action for foreclosure shall be commenced, and while it is pending, no proceedings at law shall be had for the recovery of the debt secured by the mortgage.
Terms Used In South Dakota Codified Laws 21-49-20
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1977, ch 187, § 10.