44-10-5. Pledge as security for obligation of another–Rights of pledgor, exception–Consideration for pledge received from debtor cannot be withdrawn without consent.
Property may be pledged as security for the obligation of a person other than the owner and in so doing the owner has all the rights of a pledgor for himself except that he cannot withdraw the property otherwise than as a pledgor for himself might; and if he receives from the debtor a consideration for the pledge, he cannot withdraw it without his consent.
Source: CivC 1877, §§1763, 1765; CL 1887, §§4398, 4400; RCivC 1903, §§2110, 2112; RC 1919, §§1611, 1613; SDC 1939, §39.0506.