South Dakota Codified Laws 43-11-28. Effects on the power of a lien by mortgage
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The effects on the power of a lien by mortgage such as is mentioned in § 43-11-27 are:
(1) That the mortgagee is entitled to an execution of the power, so far as the satisfaction of his lien may require it; and
Terms Used In South Dakota Codified Laws 43-11-28
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
(2) That any subsequent estate created by the owner in the execution of the power becomes subject to the mortgage in the same manner as if in terms embraced therein.
Source: CivC 1877, § 347; CL 1887, § 2863; RCivC 1903, § 370; RC 1919, § 437; SDC 1939, § 59.0450.