South Dakota § 58-27-38 Equity of seller of real property in contract for deed--Maximum amount of investment.

South Dakota Statutes

§ 58-27-38 — Equity of seller of real property in contract for deed--Maximum amount of investment.

South Dakota·Title 58 INSURANCE·Ch. 58-27 LOANS AND INVESTMENTS OF INSURERS

An insurer may invest any of its funds in the equity of the seller of real property in a contract for deed, covering the entire balance due on a bona fide sale of such property, in amount not to exceed ten thousand dollars or the amount permissible under §§ 58-27-52 to 58-27-60 , inclusive, whichever is greater, in any one such contract for deed; nor in any amount in excess of the following percentages of the actual sale price or fair value of the property, whichever is the smaller:

(1)If a dwelling primarily designed for single - family occupancy and occupied by the purchaser under such contract, seventy - five percent.

(2)In all other cases, seventy - five percent.

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An insurer may invest any of its funds in the equity of the seller of real property in a contract for deed, covering the entire balance due on a bona fide sale of such property, in amount not to exceed ten thousand dollars or the amount permissible under §§ 58-27-52 to 58-27-60 , inclusive, whichever is greater, in any one such contract for deed; nor in any amount in excess of the following percentages of the actual sale price or fair value of the property, whichever is the smaller: (1) If a dwelling primarily designed for single - family occupancy and occupied by the purchaser under such contract, seventy - five percent. (2) In all other cases, seventy - five percent.

South Dakota § 58-27-38 (Equity of seller of real property in contract for deed--Maximum amount of investment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.