South Dakota Codified Laws 44-8-20. Deficiency in amount of purchase money mortgage given after June 30, 1933–Nonexistent after foreclosure of mortgage
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No claim for any deficiency in the amount secured by any real estate mortgage given after June 30, 1933, to secure all or any part of the purchase price of such real estate shall exist after the foreclosure of such mortgage by action or advertisement, but such foreclosure shall be a full satisfaction of such mortgage and no deficiency judgment shall thereafter exist or be rendered.
Terms Used In South Dakota Codified Laws 44-8-20
- 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.
Source: SL 1933, ch 138, §§ 1, 2; SL 1935, ch 150, §§ 1, 2; SDC 1939, § 39.0308.