South Dakota Codified Laws 54-2-4. Obligation for payment extinguished by tender and deposit in state bank
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An obligation for the payment of money is extinguished by a due offer of payment, if the amount is immediately deposited in the name of the creditor with some bank of deposit within this state, of good repute, and notice thereof is given to the creditor.
Terms Used In South Dakota Codified Laws 54-2-4
- 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: CivC 1877, § 849; CL 1887, § 3473; RCivC 1903, § 1166; RC 1919, § 773; SDC 1939, § 47.0209.