South Dakota Codified Laws 56-1-6. Obligation which renders the party making the promise the principal debtor, and theperson in whose behalf it is made the surety–Writing unnecessary
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A promise to answer for the obligation of another is deemed an original obligation of the promiser and need not be in writing where the creditor parts with value or enters into an obligation, in consideration of the obligation in respect to which the promise is made, in terms or under circumstances such as to render the party making the promise the principal debtor, and the person in whose behalf it is made his surety.
Terms Used In South Dakota Codified Laws 56-1-6
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- 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.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SDC 1939, § 26.0105 (2).