There is a newer version of the South Dakota Codified Laws
2011 South Dakota Code
Title 58 INSURANCE
Chapter 26. Valuation Of Assets, Liabilities And Reserves
§58-26-5 Real property acquired pursuant to mortgage loan or contract for sale--Restriction as to valuation.
SD Codified L § 58-26-5 (through 2011) What's This?
58-26-5. Real property acquired pursuant to mortgage loan or contract for sale--Restriction as to valuation. 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.
Source: SL 1966, ch 111, ch 5, § 14 (1).
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