South Dakota § 54-10-11 Value of exempt security not credited upon claim.

South Dakota Statutes

§ 54-10-11 — Value of exempt security not credited upon claim.

South Dakota § 54-10-11

Title 54DEBTOR AND CREDITOR

Ch. 54-10SECURED CREDITORS' CLAIMS IN LIQUIDATION PROCEEDINGS

This text of South Dakota § 54-10-11 (Value of exempt security not credited upon claim.) 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 § 54-10-11 (2026).

Text

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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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.