South Dakota Codified Laws 58-27-39. Evidences of debt secured by mortgage or trust deed upon leaseholdestates–Eligibility for investment
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An insurer may invest any of its funds in evidences of debt secured by first mortgages or deeds of trust upon leasehold estates, running for a term of not less than fifteen years beyond the maturity of the loan as made or as extended, in improved real property, otherwise unencumbered, and if the mortgagee is entitled to be subrogated to all the rights under the leasehold.
Terms Used In South Dakota Codified Laws 58-27-39
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Source: SL 1966, ch 111, ch 6, § 24 (6).