South Dakota Codified Laws 44-8-25. Deficiency judgment provisions not applicable to outside lenders
Current as of: 2023 | Check for updates
|
Other versions
Nothing contained in this chapter shall affect the rights or liabilities of a mortgagor or mortgagee under a mortgage given by a purchaser or grantee of real estate to a lender who is not the vendor or grantor of such real estate.
Terms Used In South Dakota Codified Laws 44-8-25
- Grantor: The person who establishes a trust and places property into it.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
Source: SL 1970, ch 250.