South Dakota Codified Laws 57A-9-609.1. Action for recovery of security by creditor against third party purchaser of farm products–Limitation period–Offer to file criminal complaint
No cause of action for recovery of security or its value may be commenced by a secured creditor against an innocent third–party purchaser of farm products as defined in subsection (34) of § 57A-9-102, nor may such a cause of action be commenced against a livestock auction agency, as defined in chapter 40-15 and § 301 of the Packers and Stockyards Act (7 USC 201), or a public grain warehouse, or a public terminal grain warehouse, or a grain dealer as defined by chapters 49-43, 49-44, and 49-45 respectively, unless such action is commenced within twenty–four months from the date the farm products are sold and unless such action is preceded by the secured creditor offering to file against the debtor, a complaint as defined by § 23A-2-1.
Terms Used In South Dakota Codified Laws 57A-9-609.1
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
Source: SL 2000, ch 231.