South Dakota Codified Laws 44-8-24. Deficiency judgment prohibition inapplicable to purchase money mortgage or notesheld by federal agencies and instrumentalities
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Nothing contained in § 44-8-20 or 44-8-21 shall apply to purchase money mortgages, or notes held by the United States of America, or any agent, agency, or instrumentality thereof, or any corporation or association whose obligations are guaranteed in whole or in part by the United States of America, and it, or such agencies, instrumentalities, corporations, or associations shall be entitled to enforce such mortgages, mortgage notes, and to have judgments thereon and collect deficiencies thereon, anything in said sections to the contrary notwithstanding.
Terms Used In South Dakota Codified Laws 44-8-24
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1935, ch 150, § 6; SDC 1939, § 39.0308.