South Dakota Codified Laws 56-2-7. Property of principal first resorted to
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Whenever property of a surety is hypothecated with the property of the principal, the surety is entitled to have the property of the principal first applied to the discharge of the obligation.
Terms Used In South Dakota Codified Laws 56-2-7
- 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.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SDC 1939, § 26.0212.