South Dakota Codified Laws 44-8-16. Prior or superior mortgage affecting real property–Failure of mortgagor or successorin interest to pay installment due–Payment by holder of inferior mortgage–Addedto amount due
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In case any installment of interest or principal upon any prior or superior mortgage shall become due and the mortgagor or his successor in interest shall fail to pay such interest or principal, the holder of any inferior mortgage on real estate may pay such interest or principal upon such prior mortgage, and the amount so paid shall thereupon be added to the amount due on the mortgage held by the person making such payment and may be included in such mortgage upon foreclosure of the same.
Terms Used In South Dakota Codified Laws 44-8-16
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- 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.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1923, ch 223; SDC 1939 & Supp 1960, § 37.3009.