South Dakota Codified Laws 44-10-2. Lien of pledge dependent on possession–Delivery essential to valid pledge
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The lien of a pledge is dependent on possession, and no pledge is valid until the property pledged is delivered to the pledgee or to a pledge holder.
Terms Used In South Dakota Codified Laws 44-10-2
- Dependent: A person dependent for support upon another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: CivC 1877, § 1759; CL 1887, § 4394; RCivC 1903, § 2106; RC 1919, § 1607; SDC 1939, § 39.0502.