Title 54 — DEBTOR AND CREDITOR

A person licensed pursuant to chapter 54-4 shall appoint a resident agent for service of process and provide notice of such appointment to the director. Source: SL 2005, ch 258 , § 10.

A person licensed pursuant to chapter 54-4 shall consent to be sued in the circuit courts of the state for purposes of the director enforcing any provision of chapter 54-4 and any rules promulgated pursuant to chapter 54-4 . The consent to suit shall be demonstrated by the execut…

A title loan shall be evidenced by a written agreement in which a title lender agrees to make a title loan to a debtor and the debtor agrees to give the title lender a security interest in a motor vehicle owned by the debtor. The debtor shall give the title lender possession of t…

Any title loan shall be for an initial term of no more than one month but may be renewed for additional one-month periods. No title loan may be renewed more than four times except as provided in this section. Upon the fifth renewal of a title loan, and through the eighth renewal,…

If a debtor defaults in the repayment of a title loan, the title lender's sole remedy is to seek possession and sale of the motor vehicle securing the loan, and the title lender may not pursue the debtor personally in any action or proceeding for repayment of the loan or for any …

For the purposes of this chapter, the term, debt cancellation contract, means a term of an extension of credit or contractual arrangement modifying terms of an extension of credit under which a licensee agrees to cancel all or part of a customer's obligation to repay an extension…

For the purposes of this chapter, the term, debt suspension contract, means a term of an extension of credit or contractual arrangement modifying terms of an extension of credit under which a licensee agrees to suspend all or part of a customer's obligation to repay an extension …

A licensee pursuant to this chapter may enter into debt cancellation contracts and debt suspension contracts and charge a fee for those contracts in connection with any extension of credit that it makes, purchases, or of which it accepts assignment. Source: SL 2012, ch 235 , § 4.

Any loan made in South Dakota after June 30, 2015, to a resident of South Dakota, by an entity organized to engage in the business of lending money not licensed or exempt from licensure pursuant to this chapter is unenforceable and uncollectible except as to any principal extende…

No person employed by a licensee to collect or attempt to collect any debt owed or due or asserted to be owed or due may: (1) Harass, oppress, or abuse a borrower by: (a) Using any threat of violence or harm; (b) Publishing a list of names of borrowers who refuse to pay their deb…

The exemptions under this chapter do not apply to any debt-collection tactic prohibited in §

The director may use the nationwide mortgage licensing system and registry as a channeling agent for requesting and distributing information to and from other state and federal regulatory officials or agencies with money lending industry oversight authority, as deemed necessary b…

The director may establish relationships or contracts with the nationwide mortgage licensing system and registry or other entity designated by the nationwide mortgage licensing system and registry to collect and maintain records and process a transaction fee or other fee related …

The following provisions apply to the sharing of information collected and retained by the director during the administration of this chapter: (1) The provisions of § 51A-2-35 regarding privacy or confidentiality apply to any information or material provided to the nationwide mor…

Notwithstanding § 15-17-39 , any person licensed pursuant to this chapter may recover reasonable attorney's fees in the case of default of payment if provided for in a note, bond, or other evidence of debt. Source: SL 2018, ch 272 , § 2.

Terms used in this chapter mean: (1) "Advertisement," a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a lease - purchase agreement; (2) "Cash price," the price at which the lessor would have sold the property to the consumer for cash on…

If an advertisement for a lease - purchase agreement refers to or states the dollar amount of any payment and the right to acquire ownership of any one specific item, the advertisement shall also clearly and conspicuously state the following items, as applicable: (1) That the tra…

A lease - purchase agreement is an agreement for the use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of four months or less that is automatically renewable with each payment after the initial period, but doe…

Lease - purchase agreements which comply with this chapter are not subject to the laws relating to: (1) A consumer transaction in chapter 54-3A ; (2) A security interest defined in § 57A-1-201 ; or (3) A lease in chapter 57A-2A . This chapter does not apply to the following: (1) …

The lessor shall disclose to the consumer the information required by this chapter. In a transaction involving more than one lessor, only one lessor need make the disclosures, but all lessors shall be bound by such disclosures. The disclosures shall be made at or before consummat…

For each lease - purchase agreement, the lessor shall disclose in the agreement the following items, as applicable: (1) The total number, total amount, and timing of all payments necessary to acquire ownership of the property; (2) A statement that the consumer will not own the pr…

A lease - purchase agreement may not contain: (1) A confession of judgment; (2) A negotiable instrument; (3) A security interest or any other claim of a property interest in any goods except those goods delivered by the lessor pursuant to the lease - purchase agreement; (4) A wag…

A consumer who fails to make a timely rental payment may reinstate the agreement, without losing any rights or options which exist under the agreement, by the payment of: (1) All past due rental charges; (2) If the property has been picked up, the reasonable costs of pickup and r…

A lessor shall provide the consumer a written receipt for each payment made by cash or money order. Source: SL 1991, ch 393 , § 8.

A renegotiation shall occur when an existing lease - purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, the following events may not be…

Every transfer of property or charge made thereon, every obligation incurred, and every judicial proceeding taken, with intent to delay or defraud any creditor or other person of his demands is void against all creditors of the debtor and their successors in interest and against …

Every transfer of personal property other than a thing in action, which is not evidenced by a bill of sale filed in the office of the register of deeds of the county wherein such property is situated or of the county to which such county is attached for judicial purposes, and eve…

Every person who removes any of his property out of any county, with intent to prevent the same from being levied upon by any execution or attachment, or who secretes, encumbers, transfers, or otherwise disposes of any of his property, with intent to delay or defraud any creditor…

Every person who, knowing that his property is insufficient for the payment of all his lawful debts, assigns, transfers, or delivers any property for the benefit of any creditor, or creditors, upon any trust or condition that any creditor shall receive a preference or priority ov…

Every person who, being a party to any conveyance or assignment of any property, or of any interest therein, made or created with intent to defraud prior or subsequent purchasers, or to delay or defraud creditors or other persons, and every person being privy to or knowing of suc…

Every person who, upon making or prosecuting any application for a discharge as an insolvent debtor, under the provisions of any law now in force, or that may hereafter be enacted: (1) Fraudulently presents or authorizes to be presented on his behalf such application, in a case i…

A creditor can avoid the act or obligation of his debtor for fraud, only where the fraud obstructs the enforcement, by legal process, of his right to take the property affected by the transfer or obligation. Source: CivC 1877, § 2025; CL 1887, § 4658; RCivC 1903, § 2370; RC 1919,…

In all cases under the provisions of this chapter, except as otherwise provided in § 54-8-2 , and except as provided in §§ 43-25-32 to 43-25-36 , inclusive, the question of fraudulent intent is one of fact and not of law; nor can any transfer or charge be adjudged fraudulent sole…

Terms used in this chapter mean: (1) "Affiliate," (i) Any person who directly or indirectly owns, controls, or holds with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities: (A) As a fiduciary or …

Unless displaced by the provisions of this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cau…

This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. Source: SL 1987, ch 365 , § 11.

This chapter may be cited as the Uniform Fraudulent Transfer Act. Source: SL 1987, ch 365 , § 12.

(a) A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets at a fair valuation. (b) A debtor who is generally not paying his debts as they become due is presumed to be insolvent. (c) A partnership is insolvent under subsection (a) if the…

(a) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor's…

(a) Any transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation: (1) With actual intent to …

(a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchan…

For the purposes of this chapter: (1) A transfer is made: (i) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good - f…

(a) In an action for relief against a transfer or obligation under this chapter, a creditor, subject to the limitations in § 54-8A-8 , may obtain: (1) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim; (2) An attachment or other provi…

(a) A transfer or obligation is not voidable under subsection 54-8A-4(a)(1) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee. (b) Except as otherwise provided in this section, to the extent a transfer is…

An insolvent debtor, as defined by the statutes of fraudulent conveyance, may, in good faith, execute an assignment of property to one or more assignees, in trust towards the satisfaction of his creditors, in conformity to the provisions of this chapter, subject, however, to the …

An assignment for the benefit of creditors, which has been executed and recorded so as to transfer the property to the assignee, cannot afterward be canceled or modified by the parties thereto, without the consent of every creditor affected thereby. Source: CivC 1877, § 2046; CL …

Within thirty days after the date of an assignment for the benefit of creditors, the assignee must enter into a bond to this state, in double the amount of the value of the property assigned, with sufficient sureties, to be approved by the judge of the circuit court for the count…

Until the inventory and affidavit have been made, and the assignment has been duly recorded and the inventory filed, and the assignee has given a bond, an assignee for the benefit of creditors has no authority to dispose of the estate or convert it for the purposes of the trust. …

An assignee for the benefit of creditors is not to be regarded as a purchaser for value, and has no greater right than his assignor had, in respect to things in action transferred by the assignment. He is not to be held liable for his acts done in good faith in the execution of t…

In addition to those otherwise provided in this chapter, the court shall have power to authorize an assignee to bring an action or special proceeding, which he is hereby empowered to maintain, against any person who has received, taken or in any manner interfered with the estate,…