South Dakota Codified Laws 32-7A-12.2. Agreement that dealer will satisfy lien by paying lienholder–Trade of mobile or manufactured home or consignment agreement–Theft
Current as of: 2023 | Check for updates
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If a person trades in a mobile or manufactured home to a dealer or enters into a consignment agreement with a dealer whereby the dealer will sell the mobile or manufactured home and the mobile or manufactured home has a lien noted on the title, the dealer and person may agree that the dealer shall satisfy the lien amount by paying the lienholder who is noted on the title. Failure to satisfy a lien pursuant to this section constitutes theft pursuant to chapter 22-30A. The degree of theft is determined by the amount of the unsatisfied lien. Multiple violations of this section occurring within any thirty-day period may be aggregated in amount to determine the degree of theft.
Terms Used In South Dakota Codified Laws 32-7A-12.2
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 2005, ch 159, § 12.