Title 57A — UNIFORM COMMERCIAL CODE

Except as otherwise provided in § 57A-9-624 , to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (1) Section 57A-9-207(b)(4)(C), which deal…

(a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in § 57A-9-602 if the standards are not manifestly unreasonable. (b) Subsection (a) does not apply to the …

(a) If a security agreement covers both personal and real property, a secured party may proceed: (1) Under this part as to the personal property without prejudicing any rights with respect to the real property; or (2) As to both the personal property and the real property in acco…

(a) Except as provided in subsection (b), a secured party does not owe a duty based on its status as secured party: (1) To a person that is a debtor or obligor, unless the secured party knows: (A) That the person is a debtor or obligor; (B) The identity of the person; and (C) How…

For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. Source: SL 2000, ch 231 .

(a) If so agreed, and in any event after default, a secured party: (1) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; (2) May take any proceeds to which the secured p…

(a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under § 57A-9-607 in the following order to: (A) …

(a) After default, a secured party: (1) May take possession of the collateral; and (2) Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under §

No cause of action for recovery of security or its value may be commenced by a secured creditor against an innocent third - party purchaser of farm products as defined in subsection (34) of § 57A-9-102 , nor may such a cause of action be commenced against a livestock auction agen…

Any person who for himself, or through an agent, sells livestock through a livestock auction agency, as defined in chapter 40-15 and § 301 of the Packers and Stockyards Act (7 USC 201), or who so sells grain through a public grain warehouse, or through a public terminal grain war…

(c) To comply with subsection (a)(1)(B), an explanation must provide the following information in the following order: (1) The aggregate amount of obligations secured by the security interest under which the disposition was made, and, if the amount reflects a rebate of unearned i…

(a) In this section, "notification date" means the earlier of the date on which: (1) A secured party sends to the debtor and any secondary obligor a signed notification of disposition; or (2) The debtor and any secondary obligor waive the right to notification. (b) Except as othe…

(a) Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest tim…

(a) Except in a consumer - goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) Describes the debtor and the secured party; (B) Describes the collateral that is the subject of the intended disposit…

(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…

(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…

(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…

(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…

(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…

(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…

(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…

(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…

(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…

(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…

(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…

(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 …

(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…

(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…

(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 …

This chapter is effective on July 1, 2001, and on July 1, 2001, chapter 57A-9 is repealed. Source: SL 2000, ch 231 .

(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 : …

(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…

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…

(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, …

(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…

(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…

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,…

(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 …

SL 2012, ch 238 takes effect on July 1, 2013. Source: SL 2012, ch 238 , § 9-801, eff. July 1, 2013.

(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…

(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…

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…

(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…

(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…

(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…

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,…

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…

Such parts of this title as are necessary to effectuate the enactment of the Uniform Stock Transfer Act, including but not limited to subsection (1) of § 57A-1-102 , § 57A-1-103 , subsections (19), (28), (30), (32), (33) and (44) of § 57A-1-201 , §§ 57A-8-103 , 57A-8-204 , 57A-8-…

(1) Effective July 1, 1967, the following laws are hereby repealed: SDC 3.0215 except the first sentence thereof; SDC 6.0422; SDC 8.04; subsection (4) of SDC 10.0605; SDC 39.02 except the second paragraph of 39.0201, 39.0211, the first and third paragraphs of 39.0212, and the fir…

This 1983 Act shall become effective at 12:01 a.m. on July 1, 1983. Source: SDCL, § 57A-11-101 , enacted by SL 1982, ch 347 , § 38; SL 1983, ch 367 , § 7. 57A-11-101A. Transition to 1999 Act--General rule. A transaction arising out of or associated with a letter of credit that wa…