South Dakota Codified Laws 15-2-5.1. Limitation of action to challenge validity on nonjudicial foreclosure of real property mortgage
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An action to challenge the validity of proceedings for the nonjudicial foreclosure of a mortgage on real property, or an action to challenge the validity of a title derived from such proceedings, may be commenced only within one year from the date the sheriff’s certificate of sale was recorded in the office of the register of deeds of the county or counties where the affected real property is situated.
Terms Used In South Dakota Codified Laws 15-2-5.1
- 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.
- 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.
Source: SL 1982, ch 166.