Title 54 — DEBTOR AND CREDITOR

Terms used in this chapter and chapter 54-8 are defined as follows, unless the context otherwise plainly requires: (1) "Creditor," is one in whose favor an obligation exists by reason of which he is, or may become, entitled to the payment of money; (2) "Debtor," one who, by reaso…

Notwithstanding any other provisions of law specifically including § 57A-9-623 , to the extent set forth in the transaction documents relating to a securitization transaction: (1) Any property, assets, or rights purported to be transferred, in whole or in part, in the securitizat…

A loan of money is a contract by which one delivers a sum of money to another, and the latter agrees to return at a future time a sum equivalent to that which he borrowed. Source: CivC 1877, § 1092; CL 1887, § 3715; RCivC 1903, § 1411; RC 1919, § 1034; SDC 1939, § 38.0101.

In the absence of fraud every contract of a debtor is valid against all his creditors, existing or subsequent, who have not acquired a lien on the property affected by such contract. Source: CivC 1877, § 2020; CL 1887, § 4653; RCivC 1903, § 2365; RC 1919, § 2038; SDC 1939, § 23.0…

A debtor may pay one creditor in preference to another, or may give to one creditor security for the payment of his demand in preference to another. Source: CivC 1877, § 2021; CL 1887, § 4654; RCivC 1903, § 2366; RC 1919, § 2039; SDC 1939, § 23.0103.

Where a creditor is entitled to resort to each of several funds for the satisfaction of his claim, and another person has an interest in or is entitled as a creditor to resort to some but not all of them, the latter may require the former to seek satisfaction from those funds to …

The term "open account," as used in this title, means an account, usually retail in nature, under which the creditor permits the customer to make purchases or obtain loans, from time to time, directly from the creditor or indirectly by use of a check or other device as the condit…

Interest rates on open accounts, as defined in § 54-1-6 , are subject to the provisions regarding interest rates in chapter 54-3 . Source: SL 1982, ch 340 , § 2.

Prior to increasing interest rates on open accounts, a creditor shall notify all customers having open accounts thirty days in advance of the increase. The notification shall clearly state the new interest rate, the effective date of the new interest rate and that the customer ei…

For purposes of §§ 54-1-9 and 54-1-10 , a securitization is the pooling and repackaging by a special purpose entity of assets or other credit exposures that can be sold to investors. Securitization includes transactions that create stratified credit risk positions whose performan…