§ 21-48A-1 Voluntary foreclosure procedure–Notice
§ 21-48A-2 Lien released upon failure of junior lienholder to redeem
§ 21-48A-3 Possession of property by mortgagee
§ 21-48A-4 Judicial foreclosure action by junior lienholder before redemption period
§ 21-48A-5 Redemption of real property by junior lienholder–Quit claim deed
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Terms Used In South Dakota Codified Laws > Title 21 > Chapter 48A - Nonjudicial Voluntary Foreclosure

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • 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
  • 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.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2