South Dakota § 58-26-5 Real property acquired pursuant to mortgage loan or contract for sale--Restriction as to valuation.

South Dakota Statutes

§ 58-26-5 — Real property acquired pursuant to mortgage loan or contract for sale--Restriction as to valuation.

South Dakota § 58-26-5

Title 58INSURANCE

Ch. 58-26VALUATION OF ASSETS, LIABILITIES AND RESERVES

This text of South Dakota § 58-26-5 (Real property acquired pursuant to mortgage loan or contract for sale--Restriction as to valuation.) 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 § 58-26-5 (2026).

Text

Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the director to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.

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Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the director to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.