South Dakota Codified Laws 43-29-2. Mortgage or other lien upon real property discharged by record showing sale of propertyon foreclosure
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The record of a mortgage or other lien upon real property shall be without effect and said mortgage or lien shall be deemed satisfied and discharged where it appears from other records in the office of the register of deeds or clerk of courts that the property described therein has been sold on foreclosure of such mortgage or lien, or shows that the indebtedness secured thereby has been fully paid.
Terms Used In South Dakota Codified Laws 43-29-2
- 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.
- 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 1943, ch 175, § 2; SDC Supp 1960, § 51.1626 (2).