South Dakota Codified Laws 43-11-27. Mortgage by owner of life estate having power to make leases does not extinguish orsuspend the power
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A mortgage executed by the owner of a life estate having a power to make leases by virtue of any beneficial power, does not extinguish or suspend the power, but the power is bound by the mortgage in the same manner as the real property embraced therein.
Terms Used In South Dakota Codified Laws 43-11-27
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Source: CivC 1877, § 346; CL 1887, § 2862; RCivC 1903, § 369; RC 1919, § 436; SDC 1939, § 59.0449.