South Dakota Codified Laws 54-10-5. Obligation for payment of money as security–Determination of value
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When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its value by collection or by exhausting his remedies thereon and then surrendering the obligation to the liquidator.
Terms Used In South Dakota Codified Laws 54-10-5
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Source: SL 1941, ch 162, § 5; SDC Supp 1960, § 37.26A05 (1).