South Dakota Codified Laws 21-48-6. Publication of notice of foreclosure–Contents of notice
Notice that such mortgage will be foreclosed by sale of the mortgaged premises, or some part of them, shall be given, by publishing the notice at least once each week for four successive weeks in a legal newspaper of the county where the premises intended to be sold, or some of them, are situated, if there be one in the county, and if not, in the nearest newspaper in the state. Every notice shall specify:
(1) The names of the mortgagor and mortgagee, and the assignee, if any;
Terms Used In South Dakota Codified Laws 21-48-6
- 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.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) The date of the mortgage;
(3) The amount claimed to be due on the mortgage at the date of the notice;
(4) A description of the mortgaged premises, conforming substantially to that contained in the mortgage;
(5) The time and place of sale;
(6) A description of the default;
(7) That the mortgagor can apply for foreclosure by action pursuant to § 21-48-9;
(8) The name and address of all persons claiming a lien, encumbrance, or other recorded ownership interest in the property.
Source: CCivP 1877, §§ 600, 601; CL 1887, §§ 5414, 5415; RCCivP 1903, §§ 639, 640; RC 1919, §§ 2879, 2880; SL 1929, ch 177; SL 1931, ch 178; SDC 1939 & Supp 1960, § 37.3004; SL 2002, ch 101, § 1.