Section 58-26-8 - Personal property acquired pursuant to chattel mortgage--Restriction as tovaluation. - South-dakota Statutes

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-26 > Statute-58-26-8

58-26-8. Personal property acquired pursuant to chattel mortgage--Restriction as to valuation. Personal property acquired pursuant to chattel mortgages made in accordance with §§ 58-27-45 to 58-27-47, inclusive, shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition, together with taxes and expenses incurred in connection with such acquisition, or the fair value of such property, whichever amount is the lesser.

Source: SL 1966, ch 111, ch 5, § 14 (3).

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-26 > Statute-58-26-8

58-26-8. Personal property acquired pursuant to chattel mortgage--Restriction as to valuation. Personal property acquired pursuant to chattel mortgages made in accordance with §§ 58-27-45 to 58-27-47, inclusive, shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition, together with taxes and expenses incurred in connection with such acquisition, or the fair value of such property, whichever amount is the lesser.

Source: SL 1966, ch 111, ch 5, § 14 (3).

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-26 > Statute-58-26-8

58-26-8. Personal property acquired pursuant to chattel mortgage--Restriction as to valuation. Personal property acquired pursuant to chattel mortgages made in accordance with §§ 58-27-45 to 58-27-47, inclusive, shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition, together with taxes and expenses incurred in connection with such acquisition, or the fair value of such property, whichever amount is the lesser.

Source: SL 1966, ch 111, ch 5, § 14 (3).