South Dakota Codified Laws 58-26-5. Real property acquired pursuant to mortgage loan or contract for sale–Restriction as to valuation
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Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the director to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.
Terms Used In South Dakota Codified Laws 58-26-5
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- 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 1966, ch 111, ch 5, § 14 (1).