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2020 South Dakota Codified Laws
Title 58 - Insurance
Chapter 26 - Valuation Of Assets, Liabilities And Reserves
Section 58-26-8 - Personal property acquired pursuant to chattel mortgage--Restriction as to valuation.
Universal Citation: SD Codified L § 58-26-8 (2020)
58-26-8. Personal property acquired pursuant to chattel mortgage--Restriction as to valuation.
Personal property acquired pursuant to chattel mortgages made in accordance with §§58-27-45 to 58-27-47, inclusive, shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition, together with taxes and expenses incurred in connection with such acquisition, or the fair value of such property, whichever amount is the lesser.
Source: SL 1966, ch 111, ch 5, §14 (3).
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