Foreclosure as complete satisfaction of debt--Exception

Except as provided by § 21-47-16 , a foreclosure by action of a mortgage upon real estate operates as a complete extinguishment, satisfaction and payment of the debt secured by the mortgage. However, a foreclosure may not be considered to be satisfaction of an assignment of rents agreement under the mortgage. Source: SL 1939, ch 146 , § 2; SDC Supp 1960, § 37.29 11-1 ; SL 1983, ch 172 .