Title 57A — UNIFORM COMMERCIAL CODE
16 chapters · 675 sections in this title.
SDCL § 57A-9-614 Contents and form of notification before disposition of collateral--Consumer-goods transaction
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(a) In a consumer - goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (A) The information specified in § 57A-9-613 (a)(1); (B) A description of any liability for a deficiency of the person to which the notifica…
SDCL § 57A-9-615 Application of proceeds of disposition--Liability for deficiency and right to surplus
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(a) A secured party shall apply or pay over for application the cash proceeds of disposition under § 57A-9-610 in the following order to: (1) The reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for by agr…
SDCL § 57A-9-616 Explanation of calculation of surplus or deficiency
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(a) In this section: (1) "Explanation" means a record that: (A) States the amount of the surplus or deficiency; (B) Provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency; (C) States, if applicable, that future debi…
SDCL § 57A-9-617 Rights of transferee of collateral disposed of after default
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(a) A secured party's disposition of collateral after default: (1) Transfers to a transferee for value all of the debtor's rights in the collateral; (2) Discharges the security interest under which the disposition is made; and (3) Discharges any subordinate security interest or o…
SDCL § 57A-9-618 Rights and duties of secondary obligor
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(a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) Receives an assignment of a secured obligation from the secured party; (2) Receives a transfer of collateral from the secured party and ag…
SDCL § 57A-9-619 Transfer of record or legal title
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(a) In this section, "transfer statement" means a record signed by a secured party stating: (1) That the debtor has defaulted in connection with an obligation secured by specified collateral; (2) That the secured party has exercised its post - default remedies with respect to the…
SDCL § 57A-9-620 SDCL 57A-9-620
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(d) To the extent that a term in a promissory note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or general intangible or a rule of law, statute, or regulation described in subsection (c) would be effective under law…
SDCL § 57A-9-621 Notification of proposal to accept collateral
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(a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) Any person from which the secured party has received, before the debtor consented to the acceptance, a signed notification of a claim…
SDCL § 57A-9-622 SDCL 57A-9-622
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(68) "Public organic record" means a record that is available to the public for inspection and is: (A) A record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the s…
SDCL § 57A-9-623 Persons who may redeem collateral--Procedure
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(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender: (1) Fulfillment of all obligations secured by the collateral; and (2) The reasonable expenses and attorney's fees described in § 5…
SDCL § 57A-9-624 (b) A purported or apparent acceptance of collateral under this section is ineffective unless: (1) The secured party consents to the acceptance in a signed record or sends a proposal to the debtor; and (2) The conditions of subsection (a) are met
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(c) For purposes of this section: (1) A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record signed after default; and (2) A debtor consents to an acceptance of col…
SDCL § 57A-9-625 Sanctions for failure to proceed in accordance with chapter--Liability for damages
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(a) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (b) Subject to subsections (c) and (d) a person is liable for …
SDCL § 57A-9-626 Action in which amount of deficiency or surplus is in issue
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(a) In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless…
SDCL § 57A-9-627 What constitutes commercially reasonable collection, enforcement, disposition, or acceptance
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(a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing th…
SDCL § 57A-9-628 Nonliability and limitation on liability of secured party--Liability of secondary obligor
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(a) Subject to subsection (f), unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: (1) The secured party is not liable to the person, or to a secured party or lienholder that has filed …
SDCL § 57A-9-701 Effective date of chapter
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This chapter is effective on July 1, 2001, and on July 1, 2001, chapter 57A-9 is repealed. Source: SL 2000, ch 231 .
SDCL § 57A-9-702 Effect of chapter on transactions or liens entered into or created before July 1, 2001--Effect on actions, cases, or proceedings
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(a) Except as otherwise provided in this part, this chapter applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001. (b) Except as otherwise provided in subsection (c) and §§ 57A-9-703 through 57A-9-709 : …
SDCL § 57A-9-703 Effect of division on security interests enforceable before July 1, 2001
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(a) A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this chapter if, on July 1, 2001, the applicable requirements for enfo…
SDCL § 57A-9-704 Enforceability and perfection of security interest enforceable immediately prior to July 1, 2001, and subordinate to lien creditor
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A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) Remains an enforceable security interest for one year after July 1, 2001; (2) Remains enforceable there…
SDCL § 57A-9-705 Effect of certain actions prior to July 1, 2001
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(a) If action, other than the filing of a financing statement, is taken before July 1, 2001, and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before July 1, …
SDCL § 57A-9-706 Conditions to continuing effectiveness of financing statement filed before July 1, 2001
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(a) The filing of an initial financing statement in the office specified in § 57A-9-501 continues the effectiveness of a financing statement filed before July 1, 2001 if: (1) The filing of an initial financing statement in that office would be effective to perfect a security inte…
SDCL § 57A-9-707 Pre - effective - date financing statement--Amendment, continuation, termination
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(a) In this section, "pre - effective - date financing statement" means a financing statement filed before July 1, 2001. (b) After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provid…
SDCL § 57A-9-708 Conditions to filing initial financing statement or continuation statement under part
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A person may file an initial financing statement or a continuation statement under this part if: (1) The secured party of record authorizes the filing; and (2) The filing is necessary under this part: (A) To continue the effectiveness of a financing statement filed before July 1,…
SDCL § 57A-9-709 Determination of priority of conflicting claims to collateral--Dating priority of security interest
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(a) This chapter determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, former chapter 57A-9 determines priority. (b) For purposes of § 57A-9-322(a), the priority of a security interest …
SDCL § 57A-9-801 Effective date of SL 2012, ch 238
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SL 2012, ch 238 takes effect on July 1, 2013. Source: SL 2012, ch 238 , § 9-801, eff. July 1, 2013.
SDCL § 57A-9-802 Savings clause
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(a) Except as otherwise provided in this part, SL 2012, ch 238 applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2013. (b) SL 2012, ch 238 does not affect an action, case, or proceeding commenced before J…
SDCL § 57A-9-803 Security interest perfected before effective date
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(a) A security interest that is a perfected security interest immediately before July 1, 2013 is a perfected security interest under chapter 57A-9 as amended by SL 2012, ch 238 if, on July 1, 2013, the applicable requirements for attachment and perfection under chapter 57A-9 as a…
SDCL § 57A-9-804 Security interest unperfected before effective date
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A security interest that is an unperfected security interest immediately before July 1, 2013 becomes a perfected security interest: (1) Without further action, on July 1, 2013 if the applicable requirements for perfection under chapter- 57A-9 as amended by SL 2012, ch 238 are sat…
SDCL § 57A-9-805 Effectiveness of action taken before effective date
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(a) The filing of a financing statement before July 1, 2013 is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under chapter 57A-9 as amended by SL 2012, ch 238. (b) SL 2012, ch 238 does not render ineffec…
SDCL § 57A-9-806 When initial financing statement suffices to continue effectiveness of financing statement
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(a) The filing of an initial financing statement in the office specified in § 57A-9-501 continues the effectiveness of a financing statement filed before July 1, 2013 if: (1) The filing of an initial financing statement in that office would be effective to perfect a security inte…
SDCL § 57A-9-807 Amendment of pre-effective-date financing statement
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(a) In this section, "pre-effective-date financing statement" means a financing statement filed before July 1, 2013. (b) After SL 2012, ch 238 takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the inform…
SDCL § 57A-9-808 Person entitled to file initial financing statement or continuation statement
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A person may file an initial financing statement or a continuation statement under this part if: (1) The secured party of record authorizes the filing; and (2) The filing is necessary under this part: (A) To continue the effectiveness of a financing statement filed before July 1,…
SDCL § 57A-9-809 Priority
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SL 2012, ch 238 determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2013, chapter 57A-9 as it existed before July 1, 2013 determines priority. Source: SL 2012, ch 238 , § 9-809, eff. July 1…