South Dakota Codified Laws 56-1-12. Guaranty that obligation is good or collectible
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A guaranty to the effect that an obligation is good or is collectible imports that the debtor is solvent and that the demand is collectible by the usual legal proceedings, if taken with reasonable diligence.
Terms Used In South Dakota Codified Laws 56-1-12
- 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: SDC 1939, § 26.0108.