21-47-17. Foreclosure as complete satisfaction of debt--Exception.
Except as provided by §21-47-16, a foreclosure by action of a mortgage upon real estate operates as a complete extinguishment, satisfaction and payment of the debt secured by the mortgage. However, a foreclosure may not be considered to be satisfaction of an assignment of rents agreement under the mortgage.
Source: SL 1939, ch 146, §2; SDC Supp 1960, §37.2911-1; SL 1983, ch 172.
Structure South Dakota Codified Laws
Chapter 47 - Actions To Foreclose Real Property Mortgages
Section 21-47-1 - Venue of foreclosure actions--Service outside county on nonresident defendant.
Section 21-47-2 - Service by publication on nonresident, absent or unknown defendants.
Section 21-47-4 - Previous actions for collection of debt to be disclosed by complaint.
Section 21-47-6 - Proceedings at law not had while foreclosure action pending.
Section 21-47-7 - Injunction to restrain injury to property during existence of lien or foreclosure.
Section 21-47-8 - Dismissal of complaint on payment into court of installments then due.
Section 21-47-9 - Examination of premises on judgment for plaintiff.
Section 21-47-15 - Purchase by mortgagee at sale--Fair and reasonable bid required.
Section 21-47-17 - Foreclosure as complete satisfaction of debt--Exception.
Section 21-47-18 - Application of proceeds of sale--Investment of unclaimed surplus.
Section 21-47-20 - Execution for balance unsatisfied by proceeds of sale.
Section 21-47-21 - Certificate of sale issued to purchaser.
Section 21-47-23 - Redemption procedure.
Section 21-47-24.1 - Lien priority in crops determined by Uniform Commercial Code.
Section 21-47-25 - Prior foreclosure sales validated despite defects--Rights barred by no action.