§ 54-1-1 Definition of terms–Debtor–Creditor
§ 54-1-2 Loan of money defined
§ 54-1-3 Debtor’s contract valid in the absence of fraud
§ 54-1-4 Preference of creditors by debtor
§ 54-1-5 Marshaling of funds–Rights of creditor
§ 54-1-6 “Open account” defined
§ 54-1-7 Open account–Interest rates
§ 54-1-8 Open account–Notice of interest rate increase
§ 54-1-9 “Securitization” defined
§ 54-1-10 Securitization transaction–Transferor to lose interest in transferred property

Terms Used In South Dakota Codified Laws > Title 54 > Chapter 1 - Definitions and General Provisions

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Contract: A legal written agreement that becomes binding when signed.
  • Dependent: A person dependent for support upon another.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Fraud: Intentional deception resulting in injury to another.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Third persons: includes all who are not parties to the obligation or transaction concerning which the phrase is used. See South Dakota Codified Laws 2-14-2
  • Trustee: A person or institution holding and administering property in trust.