South Dakota Codified Laws 44-8-1.5. Security of mortgage protected against mortgagor’s act
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No person whose interest is subject to the lien of a real estate mortgage may do any act which will substantially impair the mortgagee‘s security.
Terms Used In South Dakota Codified Laws 44-8-1.5
- 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.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: CivC 1877, § 1733; CL 1887, § 4358; RCivC 1903, § 2054; RC 1919, § 1558; SDC 1939, § 39.0207 (5); repealed SL 1966, ch 150, § 10-102; re–enacted SL 1970, ch 251.