Section 44-1-12 – Destruction, disposal, or removal of personal property subject to security interest as felony.
44-1-12. Destruction, disposal, or removal of personal property subject to security interest as felony. Any mortgagor or grantor of a security interest or other lien of personal property who, while the lien of his mortgage, conditional sales agreement, or security agreement remains in force and unsatisfied, willfully destroys, conceals, sells, or in any manner disposes […]
Section 44-1-13 – Priority of lien securing future advances.
44-1-13. Priority of lien securing future advances. A lien document containing a written provision securing the repayment of future advances, whether or not the lien creditor is obligated to make such future advances, has priority over all subsequent encumbrancers to the extent of all sums advanced, with interest thereon, with the same effect as if […]
Section 44-1-8 – Forfeiture of property to satisfy obligation secured by lien or restraint of right of redemption void.
44-1-8. Forfeiture of property to satisfy obligation secured by lien or restraint of right of redemption void. All contracts for forfeiture of property subject to a lien in satisfaction of the obligation secured thereby and all contracts in restraint of the right of redemption from a lien are void. Source: CivC 1877, §1707; CL 1887, […]
Section 44-1-9 – Obligation to perform not implied from lien.
44-1-9. Obligation to perform not implied from lien. The creation of a lien does not of itself imply that any person is bound to perform the act for which the lien is security. Source: CivC 1877, §1708; CL 1887, §4332; RCivC 1903, §2028; RC 1919, §1533; SDC 1939, §39.0109.
Section 44-1-10 – Lien limited to specified obligation.
44-1-10. Lien limited to specified obligation. The existence of a lien on property does not of itself entitle the person in whose favor it exists to a lien upon the same property for the performance of any other obligation than that which the lien originally secured. Source: CivC 1877, §1709; CL 1887, §4333; RCivC 1903, […]
Section 44-1-11 – Lien holder not entitled to compensation from owner for expenses incurred respecting lien–Exception.
44-1-11. Lien holder not entitled to compensation from owner for expenses incurred respecting lien–Exception. One who holds property by virtue of a lien thereon is not entitled to compensation from the owner thereof for any trouble or expense which he incurs respecting it, except to the same extent as a borrower under §§43-37-11 and 43-37-12. […]
Section 44-1-2 – Classification of liens–Definition of terms–General lien–Special lien.
44-1-2. Classification of liens–Definition of terms–General lien–Special lien. Liens are general or special. A general lien is one which the holder thereof is entitled to enforce as security for the performance of all the obligations or all of a particular class of obligations which exist in his favor against the owner of the property. A […]
Section 44-1-3 – Application of general statutes to liens–Exception.
44-1-3. Application of general statutes to liens–Exception. The general statutes relating to liens apply to all liens including mortgages and pledges unless from the context relating to any of them a different intention plainly appears. Source: CivC 1877, §1701; CL 1887, §4325; RCivC 1903, §2021; RC 1919, §1526; SDC 1939, §39.0101.
Section 44-1-4 – Creation of lien–Contract–Operation of law.
44-1-4. Creation of lien–Contract–Operation of law. A lien is created: (1)By contract; or (2)By operation of law; but no lien arises by mere operation of law until the time at which the act to be secured thereby ought to be performed. Source: CivC 1877, §§1702, 1703; CL 1887, §§4326, 4327; RCivC 1903, §§2022, 2023; RC […]
Section 44-1-5 – Security for performance of future obligations–Creation of lien.
44-1-5. Security for performance of future obligations–Creation of lien. A lien may be created by contract, to take immediate effect, as security for performance of obligations not then in existence. Source: CivC 1877, §1705; CL 1887, §4329; RCivC 1903, §2025; RC 1919, §1530; SDC 1939, §39.0104.