Title 54 — DEBTOR AND CREDITOR

Terms used in this chapter mean: (1) "Creditor's sale," any sale effected by the secured creditor by judicial process or otherwise under the terms of his contract or the applicable law for the purpose of realizing upon his security; (2) "Insolvent debtor," any insolvent person, d…

Under the circumstances described by § 54-10-7 , the court may order the value of the security determined by liquidator's sale of the assets which, when completed and approved by the court, shall pass to the purchaser good title, free and clear of all liens of the secured credito…

When any creditor has legal or equitable security upon assets which are exempt from process for the satisfaction of unsecured debts and are duly claimed as exempt by the insolvent debtor, the value of such security shall not be credited upon the claim. Amounts realized by the cre…

This chapter shall not apply to contracts and transactions already existing on July 1, 1941. Source: SL 1941, ch 162 , § 12; SDC Supp 1960, § 37.26A10.

This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it. Source: SL 1941, ch 162 , § 9; SDC Supp 1960, § 37.26A08.

This chapter may be cited as the Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings. Source: SL 1941, ch 162 , § 10; SDC Supp 1960, § 37.26A09.

In a liquidation proceeding every secured creditor's claim against the general assets shall disclose the nature of the security. When a decedent's estate already in the course of administration is judicially declared insolvent or when in an equity receivership it is determined th…

Any secured creditor who with intent to evade the provisions of this chapter fails to disclose the existence of the security shall not be entitled to receive or retain dividends out of the general assets, unless he thereafter releases or surrenders to the liquidator the security …

Dividends paid to secured creditors shall be computed only upon the balance due after the value of all security not exempt from the claims of unsecured creditors and not released or surrendered to the liquidator, is determined and credited upon the claim secured by it. Source: SL…

When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its value by collection or by exhausting his remedies thereon and then surrendering the obligation to the liquidator. Source: SL 1941, ch 162 , § 5; SDC Supp 196…

When the asset constituting the security is something other than an obligation for the payment of money, the secured creditor may determine its value by creditor's sale. Source: SL 1941, ch 162 , § 5; SDC Supp 1960, § 37.26A05 (2).

Where valuation under the provisions of §§ 54-10-5 and 54-10-6 is impracticable or would cause undue delay, the court, upon petition by either the secured creditor or the liquidator, may order the value of the security determined by any of the methods provided by §§ 54-10-8 to 54…

Under the circumstances described by § 54-10-7 , the court may order the value of the security determined by compromise, if the secured creditor and the liquidator agree upon a value. The liquidator may redeem such assets by payment of the agreed value, if authorized by the court…

Under the circumstances described by § 54-10-7 , the court may order the value of the security determined by litigation, through proceedings in the liquidation proceeding. The liquidator may redeem such assets by paying the value so determined, if authorized by the court. Source:…