South Dakota Codified Laws 47-21-47. After-acquired property as subject to encumbrance–Recordation as notice
All after–acquired property of a cooperative described or referred to as being mortgaged or pledged in any mortgage, deed of trust, or other instrument described in § 47-21-46, shall become subject to the lien thereof immediately upon the acquisition of such property by such cooperative whether or not such property was in existence at the time of the execution of such mortgage, deed of trust, or other instrument. Recordation of any such mortgage, deed of trust, or other instrument shall constitute notice and otherwise have the same effect with respect to such after–acquired property as it has under the laws relating to recordation, with respect to property owned by such cooperative at the time of the execution of such mortgage, deed of trust, or other instrument and therein described or referred to as being mortgaged or pledged thereby.
Terms Used In South Dakota Codified Laws 47-21-47
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
Source: SL 1947, ch 33, § 26; SDC Supp 1960, § 11.2226.