44-3-2. Marshaling securities among lien holders–Several things within the same class and subject to same number of liens–Property to which resort may be had.
When several things are within one of the classes described by §44-3-1 and subject to the same number of liens, resort must be had:
(1)To the things which had not been transferred since the prior lien was created;
(2)To the things which have been so transferred without a valuable consideration; and
(3)To the things which have been so transferred for a valuable consideration.
Source: CivC 1877, §1713, subdiv 4; CL 1887, §4337, subdiv 4; RCivC 1903, §2033, subdiv 4; RC 1919, §1538 (4); SDC 1939, §39.0114 (4).