South Dakota Codified Laws 44-8-1.2. After-acquired title of real property mortgagor
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Title to real property acquired by the mortgagor subsequent to the execution of the mortgage inures to the mortgagee as security for the debt in like manner as if acquired before execution.
Terms Used In South Dakota Codified Laws 44-8-1.2
- 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.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Source: CivC 1877, § 1727, subdiv 2; CL 1887, § 4351, subdiv 2; RCivC 1903, § 2047, subdiv 2; RC 1919, § 1551 (2); SDC 1939, § 39.0207 (2); repealed SL 1966, ch 150, § 10-102; re–enacted SL 1970, ch 251.