Section 44-3-1 - Marshaling securities among lien holders--Lien upon several things--Subordinate interestof others in some of the things--Classes of property to which resort may be had. - South-dakota Statutes

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44-3-1. Marshaling securities among lien holders--Lien upon several things--Subordinate interest of others in some of the things--Classes of property to which resort may be had. Where one has a lien upon several things and other persons have subordinate liens upon or interests in some but not all of the same things, the person having the prior lien, if he can do so without risk of loss to himself or of injustice to other persons, must resort to the property in the following order on the demand of any party interested:
(1) To the things on which he has exclusive lien;
(2) To the things which are subject to the fewest subordinate liens; and
(3) In like manner inversely to the number of subordinate liens upon the same thing.

Source: CivC 1877, § 1713; CL 1887, § 4337; RCivC 1903, § 2033; RC 1919, § 1538; SDC 1939, § 39.0114.

State Codes and Statutes

Statutes > South-dakota > Title-44 > Chapter-03 > Statute-44-3-1

44-3-1. Marshaling securities among lien holders--Lien upon several things--Subordinate interest of others in some of the things--Classes of property to which resort may be had. Where one has a lien upon several things and other persons have subordinate liens upon or interests in some but not all of the same things, the person having the prior lien, if he can do so without risk of loss to himself or of injustice to other persons, must resort to the property in the following order on the demand of any party interested:
(1) To the things on which he has exclusive lien;
(2) To the things which are subject to the fewest subordinate liens; and
(3) In like manner inversely to the number of subordinate liens upon the same thing.

Source: CivC 1877, § 1713; CL 1887, § 4337; RCivC 1903, § 2033; RC 1919, § 1538; SDC 1939, § 39.0114.

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State Codes and Statutes

Statutes > South-dakota > Title-44 > Chapter-03 > Statute-44-3-1

44-3-1. Marshaling securities among lien holders--Lien upon several things--Subordinate interest of others in some of the things--Classes of property to which resort may be had. Where one has a lien upon several things and other persons have subordinate liens upon or interests in some but not all of the same things, the person having the prior lien, if he can do so without risk of loss to himself or of injustice to other persons, must resort to the property in the following order on the demand of any party interested:
(1) To the things on which he has exclusive lien;
(2) To the things which are subject to the fewest subordinate liens; and
(3) In like manner inversely to the number of subordinate liens upon the same thing.

Source: CivC 1877, § 1713; CL 1887, § 4337; RCivC 1903, § 2033; RC 1919, § 1538; SDC 1939, § 39.0114.