South Dakota Codified Laws 58-27-47. Acquisition of chattel mortgage–Separate appraisal of included items todetermine fair market value–Maximum amount of loan
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Prior to the acquisition of a chattel mortgage under § 58-27-45, items of property to be included therein shall be separately appraised by a qualified appraiser and the fair market value thereof determined. No such chattel mortgage loan shall exceed in amount the same ratio of loan to the value of the property as is applicable to the companion loan on the real property.
Terms Used In South Dakota Codified Laws 58-27-47
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Source: SL 1966, ch 111, ch 6, § 29 (3).