South Dakota Codified Laws 21-49-28. Foreclosure as complete satisfaction of debt
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Except as provided in § 21-49-27, such foreclosure shall operate as a complete satisfaction of the debt secured by a mortgage and judgment issued under this chapter.
Terms Used In South Dakota Codified Laws 21-49-28
- 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, § 17.