South Dakota Codified Laws 43-11-29. Power to sell real property given as security for payment of money as part of the security
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Where a power to sell real property is given to a mortgagee or other encumbrancer in an instrument intended to secure the payment of money, the power is to be deemed a part of the security and vests in any person who by assignment becomes entitled to the money so secured to be paid and may be executed by him whenever the assignment is duly acknowledged and recorded.
Terms Used In South Dakota Codified Laws 43-11-29
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. 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: CivC 1877, § 313; CL 1887, § 2829; RCivC 1903, § 336; RC 1919, § 405; SDC 1939, § 59.0418.