South Dakota § 20-4-8 Application of performance according to creditor's selection--Application to rights held individually and as trustee--Rescission of application made by creditor.

South Dakota Statutes

§ 20-4-8 — Application of performance according to creditor's selection--Application to rights held individually and as trustee--Rescission of application made by creditor.

South Dakota § 20-4-8

Title 20PERSONAL RIGHTS AND OBLIGATIONS

Ch. 20-4PERFORMANCE OF OBLIGATIONS

This text of South Dakota § 20-4-8 (Application of performance according to creditor's selection--Application to rights held individually and as trustee--Rescission of application made by creditor.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 20-4-8 (2026).

Text

If no application be made pursuant to § 20-4-7 , the creditor, within a reasonable time after such performance, may apply it toward the extinction of any obligation, performance of which was due to him from the debtor at the time of such performance; except that if similar obligations were due to him, both individually and as a trustee, he must, unless otherwise directed by the debtor, apply the performance to the extinction of all such obligations in equal proportion; and an application once made by the creditor cannot be rescinded without the consent of the debtor.

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If no application be made pursuant to § 20-4-7 , the creditor, within a reasonable time after such performance, may apply it toward the extinction of any obligation, performance of which was due to him from the debtor at the time of such performance; except that if similar obligations were due to him, both individually and as a trustee, he must, unless otherwise directed by the debtor, apply the performance to the extinction of all such obligations in equal proportion; and an application once made by the creditor cannot be rescinded without the consent of the debtor.