21-48A-2. Lien released upon failure of junior lienholder to redeem.
A junior lienholder may redeem the real property pursuant to §21-48A-5. If a junior lienholder fails to redeem its lien as provided in this chapter, its lien shall be released from the property.
Source: SL 1991, ch 185, §2.
Structure South Dakota Codified Laws
Chapter 48A - Nonjudicial Voluntary Foreclosure
Section 21-48A-1 - Voluntary foreclosure procedure--Notice.
Section 21-48A-2 - Lien released upon failure of junior lienholder to redeem.
Section 21-48A-3 - Possession of property by mortgagee.
Section 21-48A-4 - Judicial foreclosure action by junior lienholder before redemption period.
Section 21-48A-5 - Redemption of real property by junior lienholder--Quit claim deed.