South Dakota Codified Laws 37-14-21. Time for taking possession of property after sale–Reversion of ownership ofunclaimed property–Forfeiture of payment–Exceptions
Except as otherwise agreed to in writing by the purchaser and seller, or unless otherwise provided for by advertised or announced terms at the auction premises on the day of the sale, if the purchaser of any property at an auction sale has not removed the property from the auction premises within ninety days after the date of the sale or has not otherwise taken physical possession of the property within ninety days after the date of the sale, ownership of the property reverts to the seller, and the payment is forfeited to the seller without further notice of action. This section does not apply to any motor vehicle as defined in subdivision 32-3-1(11) or to any state auction held pursuant to chapter 5-24A.
Terms Used In South Dakota Codified Laws 37-14-21
- Auction sale: as used in this chapter means the offering for sale or selling of personal property to the highest bidder or offering for sale or selling of personal property at a high price and then offering the personal property at successive lower prices until a buyer is secured. See South Dakota Codified Laws 37-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 2010, ch 197, § 1.