Terms Used In South Dakota Codified Laws > Title 54 > Chapter 12 - Reverse Mortgage Loans

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.