South Dakota § 58-29B-76 Transfer for or on account of new and contemporaneous consideration--Transfer to secure future loan--Effects.

South Dakota Statutes

§ 58-29B-76 — Transfer for or on account of new and contemporaneous consideration--Transfer to secure future loan--Effects.

South Dakota § 58-29B-76

Title 58INSURANCE

Ch. 58-29AINSURERS SUPERVISION, REHABILITATION AND LIQUIDATION

This text of South Dakota § 58-29B-76 (Transfer for or on account of new and contemporaneous consideration--Transfer to secure future loan--Effects.) 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 § 58-29B-76 (2026).

Text

A transfer of property for or on account of a new and contemporaneous consideration which is deemed under §§ 58-29B-69 to 58-29B-72 , inclusive, to be made or suffered after the transfer because of delay in perfecting it does not thereby become a transfer for or on account of an antecedent debt if any acts required by the applicable law to be performed in order to perfect the transfer as against liens or bona fide purchasers' rights are performed within twenty - one days or any period expressly allowed by the law, whichever is less. A transfer to secure a future loan, if such a loan is actually made, or a transfer which becomes security for a future loan, shall have the same effect as a transfer for or on account of a new and contemporaneous consideration.

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A transfer of property for or on account of a new and contemporaneous consideration which is deemed under §§ 58-29B-69 to 58-29B-72 , inclusive, to be made or suffered after the transfer because of delay in perfecting it does not thereby become a transfer for or on account of an antecedent debt if any acts required by the applicable law to be performed in order to perfect the transfer as against liens or bona fide purchasers' rights are performed within twenty - one days or any period expressly allowed by the law, whichever is less. A transfer to secure a future loan, if such a loan is actually made, or a transfer which becomes security for a future loan, shall have the same effect as a transfer for or on account of a new and contemporaneous consideration.