South Dakota Codified Laws 44-4-3. Undertaking to release property from lien–Amount–Sureties–Terms and conditions–Justification of sureties
The person filing an affidavit pursuant to § 44-4-2 shall cause to be filed with the officer an undertaking in an amount of not less than twice the amount of the lien executed by at least two sureties, resident freeholders of this state, or a qualified corporate surety, to the effect that the owner or interested party will, on demand, pay the amount that may be recovered by the lien claimant, together with interest and costs. Personal sureties shall justify their responsibility by affidavit annexed to the undertaking, stating a sum which each is worth in property in this state over and above all debts and liabilities and property exempt from execution, the aggregate of which shall be double the amount specified in the undertaking.
Terms Used In South Dakota Codified Laws 44-4-3
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1966, ch 124, § 2.