Personal property acquired pursuant to chattel mortgages made in accordance with §§ 58-27-45 to 58-27-47, inclusive, shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition, together with taxes and expenses incurred in connection with such acquisition, or the fair value of such property, whichever amount is the lesser.

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Source: SL 1966, ch 111, ch 5, § 14 (3).