21-48-4. Foreclosure not permitted after action at law to recover debt unless execution returned unsatisfied.
To entitle any party to foreclose by advertisement, it shall be necessary that no action or proceeding shall have been instituted at law to recover the debt then remaining secured by such mortgage, or any part thereof; or, if any action or proceeding has been instituted, that the same has been discontinued, or that an execution upon the judgment rendered therein has been returned unsatisfied, in whole or in part.
Source: CCivP 1877, §598, subdiv 2; CL 1887, §5412, subdiv 2; RCCivP 1903, §637, subdiv 2; RC 1919, §2877 (2); SDC 1939 & Supp 1960, §37.3002 (2).
Structure South Dakota Codified Laws
Chapter 48 - Foreclosure Of Real Property Mortgage By Advertisement
Section 21-48-1 - Foreclosure by advertisement available if mortgage contains power of sale.
Section 21-48-2 - Recording of mortgage and assignments required before foreclosure.
Section 21-48-3 - Default required before foreclosure.
Section 21-48-6 - Publication of notice of foreclosure--Contents of notice.
Section 21-48-6.1 - Written notice of foreclosure sale required--Time--Parties.
Section 21-48-10 - Time and place of sale--Officer making sale.
Section 21-48-11 - Postponement of sale--Notice.
Section 21-48-12 - Sale by parcels--Sale terminated when sufficient amount raised.
Section 21-48-13 - Purchase by mortgagee at sale.
Section 21-48-15 - Costs, disbursements and attorney fees allowed from proceeds of sale.
Section 21-48-17 - Investment of surplus proceeds deposited with clerk.
Section 21-48-19 - Certificate of sale given to purchaser--Contents--Execution and recording.
Section 21-48-22.1 - Prior foreclosure sales validated despite defects--Rights barred by no action.
Section 21-48-24 - Affidavits recorded to show compliance with federal acts.
Section 21-48-25 - Interest vested in purchaser by recording of instruments.
Section 21-48-26 - Validation of sales prior to January 1, 1982--Pending proceedings.