South Dakota Codified Laws 44-8-27. Due-on-sale clause defined
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For the purpose of this section and § 44-8-28, a due–on–sale clause is a provision of a real estate mortgage which requires that the note secured by the mortgage be paid at the time the property is transferred and no assumption of the original note is permitted.
Terms Used In South Dakota Codified Laws 44-8-27
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1981, ch 311, § 1.