44-10-1. Pledge defined. Pledge is a deposit of personal property or a contract transferring possession of such as security for an obligation. Source: CivC 1877, §§1757, 1758; CL 1887, §§4392, 4393; RCivC 1903, §§2104, 2105; RC 1919, §§1605, 1606; SDC 1939, §39.0501.
44-10-10. Pledgee’s sale of securities–Evidences of debt–Exception. A pledgee cannot sell any evidences of debt pledged to him except the obligations of governments, states, or their subdivisions and public and private corporations; but he may collect the same when due. Source: CivC 1877, §1777; CL 1887, §4412; RCivC 1903, §2124; RC 1919, §1625; SDC 1939, […]
44-10-11. Debtor’s misrepresentation of value of pledge. Where a debtor has obtained credit or an extension of time by a fraudulent representation of the value of the property pledged by or for him, the creditor may demand a further pledge to correspond with the value represented; and in default thereof may foreclose the pledge and […]
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.
44-10-4. Lienor may pledge property to the extent of his lien. One who has a lien on property may pledge it to the extent of his lien. Source: CivC 1877, §1761; CL 1887, §4396; RCivC 1903, §2108; RC 1919, §1609; SDC 1939, §39.0504.
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security for obligation of another–Rights of pledgor, exception–Consideration for pledge received from debtor cannot be withdrawn without consent.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 […]
44-10-6. Pledge holder–Selection–Duties. A pledgor and pledgee may agree upon a third person with whom to deposit the property pledged who, if he accepts, becomes a pledge holder. He must enforce all of the rights of the pledgee unless authorized by him to waive them. Source: CivC 1877, §§1764, 1767; CL 1887, §§4399, 4402; RCivC […]
44-10-7. Obligations of pledge holder–Exoneration from undertaking. A pledge holder for reward cannot exonerate himself from his undertaking; and a gratuitous pledge holder can do so only by giving reasonable notice to the pledgor and pledgee to appoint a new pledge holder, and in case of their failure to agree, by depositing the property pledged […]
44-10-8. Obligations of pledgee and pledge holder–Assumption of duties and liabilities of depository. A pledgee or pledge holder for reward assumes the duties and liabilities of a depository for reward. A gratuitous pledge holder assumes the duties and liabilities of a gratuitous depository. Source: CivC 1877, §§1768, 1769; CL 1887, §§4403, 4404; RCivC 1903, §§2115, […]
44-10-9. Increase of property pledged–Covered by pledge lien. The increase of property pledged is pledged with the property. Source: CivC 1877, §1760; CL 1887, §4395; RCivC 1903, §2107; RC 1919, §1608; SDC 1939, §39.0503.
