South Dakota Codified Laws 44-8-1.3. Mortgagor not bound to personal performance
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A real estate mortgage does not bind the mortgagor personally to perform the act for the performance of which it is a security unless there is an express covenant therein to that effect.
Terms Used In South Dakota Codified Laws 44-8-1.3
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
Source: CivC 1877, § 1727, subdiv 3; CL 1887, § 4351, subdiv 3; RCivC 1903, § 2047, subdiv 3; RC 1919, § 1551 (3); SDC 1939, § 39.0207 (3); repealed SL 1966, ch 150, § 10-102; re–enacted SL 1970, ch 251.