South Dakota Codified Laws 7-31-13. Apportionment of rental proceeds from school mortgage lands
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The rental proceeds from real estate acquired by counties in satisfaction of a school–loan mortgage or through foreclosure of such shall be distributed as provided by existing laws.
Terms Used In South Dakota Codified Laws 7-31-13
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1939, ch 25, § 8; SL 1945, ch 35; SDC Supp 1960, § 12.3411 (2).