South Dakota Codified Laws 57A-2A-525. Lessor’s right to possession of goods
(1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods.
(2) The lessor has on default by the lessee under the lease contract the right to take possession of the goods. If the lease contract so provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor which is reasonably convenient to both parties. Without removal, the lessor may render unusable any goods employed in trade or business, and may dispose of goods on the lessee’s premises (§ 57A-2A-527).
Terms Used In South Dakota Codified Laws 57A-2A-525
- Contract: A legal written agreement that becomes binding when signed.
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§. See South Dakota Codified Laws 57A-2A-103
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See South Dakota Codified Laws 57A-2A-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See South Dakota Codified Laws 57A-2A-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See South Dakota Codified Laws 57A-2A-103
(3) The lessor may proceed under subsection (2) of this section without judicial process if that can be done without breach of the peace or the lessor may proceed by action.
Source: SL 1989, ch 419, § 1.