South Dakota Statutes
§ 54-10-11 — Value of exempt security not credited upon claim.
South Dakota·Title 54 DEBTOR AND CREDITOR·Ch. 54-10 SECURED CREDITORS' CLAIMS IN LIQUIDATION PROCEEDINGS
When any creditor has legal or equitable security upon assets which are exempt from process for the satisfaction of unsecured debts and are duly claimed as exempt by the insolvent debtor, the value of such security shall not be credited upon the claim. Amounts realized by the creditor from such security after liquidation proceedings are begun shall be disregarded in computing dividends, unless the dividend so computed exceeds the sum actually owing upon the claim, in which event only the amount owing shall be paid.
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South Dakota § 54-10-11 (Value of exempt security not credited upon claim.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1941, ch 162, § 7; SDC Supp 1960, § 37.26A07.
Nearby Sections
15
§ 54-1-2
Loan of money defined.§ 54-1-6
"Open account" defined.§ 54-1-7
Open account--Interest rates.§ 54-1-9
"Securitization" defined.§ 54-10-1
Definition of terms.§ 54-10-10
Value of security, determination by liquidator's sale of assets--Order of sale, requirements.§ 54-10-13
Uniformity of interpretation of chapter.