South Dakota Codified Laws 15-17-39. Evidence of debt for attorneys’ fees upon default or foreclosure against public policy–Exception
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Any provision contained in any note, bond, mortgage, or other evidence of debt that provides for payment of attorneys’ fees in case of default of payment or foreclosure is against public policy and void, except as authorized by specific statute.
Terms Used In South Dakota Codified Laws 15-17-39
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- Statute: A law passed by a legislature.
Source: SL 1992, ch 148, § 4; SL 1993, ch 165.