South Dakota Codified Laws 58-27-45. Loan on or investment in real estate mortgage on security of chattelmortgage–Limited amount
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In connection with a mortgage loan on the security of real estate designed and used primarily for residential purposes only, which mortgage loan was acquired pursuant to §§ 58-27-32 to 58-27-40, inclusive, an insurer may lend or invest an amount not exceeding twenty percent of the amount loaned on or invested in such real estate mortgage on the security of a chattel mortgage to be amortized by regular periodic payments within a term of not more than five years, and representing a first and prior lien, except for taxes not then delinquent, on personal property constituting durable equipment owned by the mortgagor and kept and used in the mortgaged premises.
Terms Used In South Dakota Codified Laws 58-27-45
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
Source: SL 1966, ch 111, ch 6, § 29 (1).