44-10-2. Lien of pledge dependent on possession–Delivery essential to valid pledge.
The lien of a pledge is dependent on possession, and no pledge is valid until the property pledged is delivered to the pledgee or to a pledge holder.
Source: CivC 1877, §1759; CL 1887, §4394; RCivC 1903, §2106; RC 1919, §1607; SDC 1939, §39.0502.