South Dakota § 20-4-9 Application of performance in absence of selection by parties.

South Dakota Statutes

§ 20-4-9 — Application of performance in absence of selection by parties.

South Dakota § 20-4-9

Title 20PERSONAL RIGHTS AND OBLIGATIONS

Ch. 20-4PERFORMANCE OF OBLIGATIONS

This text of South Dakota § 20-4-9 (Application of performance in absence of selection by parties.) 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 § 20-4-9 (2026).

Text

If neither party makes application pursuant to § 20-4-7 or § 20-4-8 within a reasonable time after performance, the performance must be applied to the extinction of obligations in the following order; and if there be more than one obligation of a particular class, to the extinction of all in that class, ratably:

(1)Of interest due at the time of the performance;

(2)Of principal due at that time;

(3)Of the obligation earliest in date of maturity;

(4)Of an obligation not secured by a lien or collateral undertaking;

(5)Of an obligation secured by a lien or collateral undertaking.

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If neither party makes application pursuant to § 20-4-7 or § 20-4-8 within a reasonable time after performance, the performance must be applied to the extinction of obligations in the following order; and if there be more than one obligation of a particular class, to the extinction of all in that class, ratably: (1) Of interest due at the time of the performance; (2) Of principal due at that time; (3) Of the obligation earliest in date of maturity; (4) Of an obligation not secured by a lien or collateral undertaking; (5) Of an obligation secured by a lien or collateral undertaking.