South Dakota Codified Laws 44-2-2. Purchase price of real property–Mortgage given for at time of conveyance–Vendor’s lien–Priority over other liens–Operation of recording laws
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A mortgage given for the price of real property at the time of its conveyance and the vendor’s lien for unpaid purchase price of real property have priority over all other liens created against the purchaser subject to the operation of the recording law.
Terms Used In South Dakota Codified Laws 44-2-2
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes property, real and personal. 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, § 1712; CL 1887, § 4336; RCivC 1903, § 2032; RC 1919, § 1537; SDC 1939, § 39.0113.