21-49-11. Foreclosure alternatives available on small tracts subject to chapter–Mortgages under earlier law. Any mortgage made pursuant to this chapter on real property of an area of not more than forty acres containing therein a power of sale, upon default being made in the conditions of the mortgage, may be foreclosed as provided in chapter […]
21-49-12. Clause subjecting mortgage to chapter–Caption required–Mortgagor’s right to possession of property during redemption period. Any mortgage containing the following statement in printed or typed capital letters: “THE PARTIES AGREE THAT THE PROVISIONS OF THE ONE HUNDRED EIGHTY DAY REDEMPTION MORTGAGE ACT GOVERN THIS MORTGAGE,” shall be subject to the provisions of this chapter. Any […]
21-49-13. Provisions includable in mortgage–Satisfaction of notice requirements. In particular, but without limitation, any mortgage subject to the provisions of this chapter, may contain provisions relating to: (1)In the case of default in the payment of the principal sum of money, or any part thereof, or interest thereon at the time specified for payment thereof, […]
21-49-14. Forms of mortgages authorized–Address and description requirements not applicable. Real estate mortgages, in any form, including but not limited to, open end mortgages, collateral real estate mortgages, renegotiated rate mortgages, shared appreciation mortgages, and variable rate mortgages are authorized under the provisions of this chapter. The provisions of §7-9-7 shall not be applicable to […]
21-49-15. Commencement of foreclosure or satisfaction action–Service of process on nonresident defendant–Required defendants. Any action for the foreclosure or satisfaction of mortgages under this chapter shall be commenced in the circuit court for the county where the mortgaged property, or some portion thereof, is situated. If a defendant is not a resident of the county, […]
21-49-16. Service by publication. If the defendant is a nonresident of the state, or absent or concealed, or if he is a resident of the state and after due diligence cannot be found in the state, service may be made by publication in the manner prescribed by statute or rule of court in ordinary civil […]
21-49-17. Joinder of other persons liable–Judgment and enforcement of judgment as against mortgagor. If the mortgage debt is secured by the obligation, or other evidence of debt, of any person other than the mortgagor, the plaintiff may make such other person a party to the action, and the court may render judgment for the balance […]
21-49-18. Other recovery proceedings to be stated in complaint. In an action for the foreclosure or satisfaction of a mortgage, the complaint shall state whether any proceedings have been had at law or otherwise for the recovery of the debt secured by such mortgage or any part thereof; and if a recovery has been had, […]
21-49-19. Money judgment as precluding foreclosure unless execution remains unsatisfied. If it appears that any judgment has been obtained in an action at law for the moneys demanded by such complaint, or any part thereof, no foreclosure proceedings shall be commenced in such case unless an execution against the property of the defendant in such […]
21-49-20. Recovery proceedings not allowed pending foreclosure action. After action for foreclosure shall be commenced, and while it is pending, no proceedings at law shall be had for the recovery of the debt secured by the mortgage. Source: SL 1977, ch 187, §10.
21-49-21. Time for defendant’s answer. A defendant in an action for foreclosure shall serve his answer to the complaint of the plaintiff within thirty days after service of the summons. Source: SL 1977, ch 187, §11.
21-49-22. Injunction against injury to property–Duration. The court may by injunction, on good cause shown, restrain the party in possession from doing any act to the injury of the mortgaged property during the existence of a lien or the foreclosure of a mortgage thereon, and until the expiration of the time allowed for redemption. Source: […]
21-49-23. Judgment rendered for amount due and costs–Sale of property and delivery to purchaser–Lien priorities. In an action for foreclosure or satisfaction, a court may: (1)Render a judgment against the mortgagor for the amount of the mortgage debt due at the time of the rendition of such judgment, and the costs of the action, including […]
21-49-24. Sale by court-appointed officer–Levy not required. Any sale of mortgaged property shall be made by a person appointed by the court, and shall be made as the court shall direct, in the county where the property, or some part is located. No levy on mortgaged property under the judgment shall be required and the […]
21-49-25. Notice of sale–Contents. Notice of the sale of such mortgaged property shall be given by publishing it at least once a week for at least two successive weeks in a legal newspaper of general circulation in each of the counties where the property is located. Each notice shall specify: (1)The name of the mortgagor, […]
21-49-26. Mortgagee may purchase at sale–Bid required. The holder of the mortgage may purchase the premises or any part thereof at the foreclosure sale if the holder bids therefor the full amount of the judgment debt, less the sum of the balances due, as of the date of sale, on any prior liens or encumbrances […]
21-49-27. Bid of less than full debt amount–Requirements–Execution for deficiency. If the holder of the mortgage is not willing to bid the full amount of the judgment debt, and if foreclosure has been commenced by action, such holder shall establish at the time of the trial to the satisfaction of the court, the fair and […]
21-49-28. Foreclosure as complete satisfaction of debt. Except as provided in §21-49-27, such foreclosure shall operate as a complete satisfaction of the debt secured by a mortgage and judgment issued under this chapter. Source: SL 1977, ch 187, §17.
21-49-29. Application of sale proceeds. It shall be the duty of any officer who conducts any such sale to apply the proceeds in the following priority: (1)To the payment of the expenses of sale; (2)To the payment of the costs included in the judgment upon which sale was made; (3)To the discharge of the debt […]
21-49-30. Certificate of sale to purchaser–Contents–Recording–Commencement of redemption period. The person making such sale shall give to the purchaser a certificate of sale, containing: (1)A recital of the fact of the sale, stating the time, and place, and the name of the purchaser; (2)The legal description of the property sold; (3)The price bid for each […]
