2019 South Dakota Codified Laws
Title 58 - Insurance
Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation
§ 58-29B-76 Transfer for or on account of new and contemporaneous consideration--Transfer to secure future loan--Effects.
58-29B-76. Transfer for or on account of new and contemporaneous consideration--Transfer to secure future loan--Effects. 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.
Source: SL 1989, ch 436, § 76.
