Title 54, DEBTOR AND CREDITOR

If, in his final accounting, the assignee shall set forth that for any cause distribution cannot be made to any creditor or creditors, the court may order the funds due them deposited with the clerk of the court for future distribution upon further order of the court subsequent t…

The judge of the circuit court may, in his discretion, for cause shown, remove any assignee or assignees and appoint another or others instead, who shall give such bonds as the judge, in view of the conditions and value of the estate, may direct; and such order of removal and app…

Whenever any assignee so removed shall have fully accounted for and turned over to the assignee or assignees appointed by the judge all the trust estate and made a full report of all his doings, and complied with all orders of the judge touching such estate, he may by order of th…

Whenever an assignee has fully complied with his trust, he may by order of the judge be fully discharged from all further duties, liabilities, and responsibilities connected with the trust. Source: SL 1887, ch 8 , § 1; SL 1887, ch 9 , § 1; CL 1887, § 4675; RCivC 1903, § 2387; RC …

An assignment for the benefit of creditors must be in writing, subscribed by the assignor, or by his agent thereto authorized by writing. It must be acknowledged or proved and certified, in the mode prescribed by this code for recording transfers of real property and recorded as …

In either of the cases mentioned in §§ 54-9-18 and 54-9-19 the assignee shall give notice by publication in some newspaper of the county, if there be one printed and published therein, if not, in a newspaper published at the capital of the state, once in each week, for at least t…

If, upon the hearing, the judge shall be satisfied that the assignee is entitled to be discharged, he shall make an order accordingly; or if, in the opinion of the judge, anything remains to be done by such assignee, he may require the performance thereof before making such order…

Whenever the trust estate shall have been taken out of the hands of the assignee by proceedings in bankruptcy in the federal court, the assignee may in like manner be discharged, upon showing that he has fully accounted to the trustee in bankruptcy, and turned over to him the who…

An assignment for the benefit of creditors may provide for any subsisting liability of the assignor which he might lawfully pay, whether absolute or contingent. Source: CivC 1877, § 2029; CL 1887, § 4662; RCivC 1903, § 2374; RC 1919, § 2047; SDC 1939 & Supp 1960, § 37.5102.

An assignment for the benefit of creditors is void against any creditor of the assignor not assenting thereto, in the following cases: (1) If it provides preference or priority to any creditor over any other creditor except as provided in this chapter; (2) If it provides for the …

Property exempt from execution, and insurance upon the life of the assignor, to the extent of five thousand dollars, do not pass to the assignee by a general assignment for the benefit of creditors, unless the instrument specially mentions them, and declares an intention that the…

Within twenty days after an assignment is made for the benefit of creditors, the assignor must make and file in the manner prescribed by § 54-9-8 , a full and true inventory, showing: (1) All the creditors of the assignor; (2) The place of residence of each creditor, if known to …

The assignment must be recorded and the inventory filed with the register of deeds of the county in which the assignor resided at the date of the assignment or of the county to which such county is attached for judicial purposes; or, if he did not then reside in this state, with …

An assignment for the benefit of creditors is void against creditors of the assignor, and against purchasers and encumbrancers in good faith and for value, if the assignment is not recorded and the inventory filed within twenty days after the date of the assignment. Where it embr…

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:…

The term, credit card, or, accepted credit card, as used in this chapter, means any credit card, identification card, or device which the cardholder has requested and received from any issuer or business, or has signed or has used, or has authorized another to use, for the purpos…

A credit card issuer may change the terms of any credit card agreement if such right of amendment has been reserved. A credit card issuer shall provide notice of such change, and the right to reject such change, in accordance with, and solely to the extent required by 12 C.F.R. 1…

No credit card shall be issued unless its issuance was requested nor shall any person who has not so solicited or has not accepted or utilized an unsolicited credit card be liable to the person who issued it or honored it for its misuse by others. Source: SL 1968, ch 199 , § 4.

For the purpose of this chapter, "revolving charge account" shall mean an arrangement prescribing terms of transactions which may be made thereunder from time to time pursuant to which a retail seller or person who offers and provides any services gives to a purchaser or user of …

A person may collect a credit service charge on any revolving charge account made pursuant to § 54-11-5 , subject to §§ 54-11-6.2 to 54-11-6.4 , inclusive. Source: SL 1979, ch 335 , § 3.

A charge may be made in each billing cycle which is a percentage of an amount no greater than the average daily balance of the account, the unpaid balance of the account on approximately the same day of the billing cycle or the median amount within a specified range within which …

The charge shall be at a rate or amount agreed upon by the parties involved. If the billing cycle is not monthly, the maximum charge is that percentage which bears the same relation to the agreed upon rate as the number of days in the billing cycle bears to thirty. For the purpos…

If there is an unpaid balance on the date of which the credit service charge is applied and the credit service charge pursuant to this section is less than the minimum charge, a minimum charge not exceeding fifty cents may be made if the billing cycle is monthly. If the billing c…

The provisions of §§ 54-11-5 and 54-11-6.1 shall not apply to a revolving loan account arrangement made by a bank pursuant to § 51A-12-12 . Source: SL 1974, ch 306 , § 2.

The use of an accepted credit card or the issuance of a credit card agreement and the expiration of thirty days from the date of issuance without written notice from a card holder to cancel the account creates a binding contract between the card holder and the card issuer with re…

For the purposes of this chapter, a reverse mortgage is any nonrecourse loan secured by real property that: (1) Provides cash advances to a borrower based on the equity in a borrower's owner occupied principal residence; (2) Requires no payment of principal or interest until the …

A reverse mortgage loan is governed by the following rules, without regard to the requirements set out elsewhere for other types of mortgage transactions: (1) Prepayment in whole or in part, is permitted without penalty at any time during the period of the loan; (2) All advances …

A reverse mortgage loan payment made to a borrower is treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under means - tested programs of aid to individuals. Undisbursed reverse mortgage funds shall be treated as equity in a …

Terms used in this chapter mean: (1) "Agricultural land," a parcel of land larger than forty acres not located in any municipality and used in farming or ranching operations carried on by the owner or operator within the preceding three- year period for the production of farm pro…

A creditor desiring to commence an action or a proceeding in this state to enforce a debt totaling fifty thousand dollars or greater against agricultural land or agricultural property of the borrower or to foreclose a contract to sell agricultural land or agricultural property or…

Unless the borrower waives mediation, the director of the agricultural mediation program shall promptly send a mediation meeting notice to the borrower and to all creditors as defined in subdivision 54-13-1(5), setting a time and place for an initial mediation meeting between the…

The total mediation period for borrower and creditor mediations shall be for a term of forty-two days after the date the director of the agricultural mediation program issues the notice to the borrower. The director of the agricultural mediation program must issue a notice to the…

A borrower may request mediation of any type or amount of indebtedness by applying to the director of the agricultural mediation program. The director of the agricultural mediation program may make the appropriate mediation request forms available for such purpose. The director o…