South Dakota Statutes
§ 29A-3-809 — Secured claims.
Payment of a secured claim is upon the basis of the amount allowed if the creditor surrenders the security; otherwise payment is upon the basis of one of the following:
(1)If the creditor exhausts the security before receiving payment (unless precluded by other law), upon the amount of the claim allowed less the fair value of the security; or (2) If the creditor does not have the right to exhaust the security or has not done so, upon the amount of the claim allowed less the value of the security determined by converting it into money according to the terms of the agreement pursuant to which the security was delivered to the creditor, or by the creditor and personal representative by agreement, arbitration, compromise, or litigation.
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South Dakota § 29A-3-809 (Secured claims.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1994, ch 232, § 3-809.
Nearby Sections
15
§ 29A-1-101
Short title.§ 29A-1-102
Purposes--Rule of construction.§ 29A-1-104
Severability.§ 29A-1-106
Effect of fraud and evasion.§ 29A-1-107
Evidence as to death or status.§ 29A-1-108
Acts by holder of general power.§ 29A-1-201
General definitions.§ 29A-1-301
Territorial application.§ 29A-1-303
Venue.§ 29A-1-304
Practice in court.§ 29A-1-305
Records and certified copies.§ 29A-1-306
Jury trial.§ 29A-1-307
Performance of acts and orders.