South Dakota Codified Laws 43-4-14. Construction of grant–Limitations–Operative words
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A clear and distinct limitation in a grant is not controlled by other words less clear and distinct.
If the operative words of a grant are doubtful, recourse may be had to its recitals to assist construction.
Terms Used In South Dakota Codified Laws 43-4-14
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
Source: CivC 1877, §§ 613, 614; CL 1887, §§ 3236, 3237; RCivC 1903, §§ 929, 930; RC 1919, §§ 531, 532; SDC 1939, § 51.1309.