South Dakota Codified Laws 36-21D-14. Action against surety bond or irrevocable letter of credit
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Any person damaged by an appraisal management company’s failure to pay an obligation listed in subdivision 36-21D-12(1) has a right of action against the surety bond or irrevocable letter of credit. Any action against a surety bond or irrevocable letter of credit must be filed in a court of competent jurisdiction within one year after the appraisal management company fails to pay the amount owing or the amount adjudged against the appraisal management company.
Terms Used In South Dakota Codified Laws 36-21D-14
- Appraisal: A determination of property value.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 2014, ch 184, § 3.