South Dakota Codified Laws 58-7-14. Real estate used as deposit–Deed of trust, execution, and recording prior to deposit with director–Appraisal required
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If the insurer uses real estate as a deposit, the insurer shall execute and record a deed of trust to the director which shall be kept by the financial institution. Prior to the execution and recordation of the deed of trust, the insurer shall submit to the director a current appraisal of the real estate by an appraiser approved by the director.
Terms Used In South Dakota Codified Laws 58-7-14
- Appraisal: A determination of property value.
- Deed: The legal instrument used to transfer title in real property from one person to another.
Source: SL 1966, ch 111, ch 7, § 8 (3); SL 1991, ch 398, § 6.