21-48A-3. Possession of property by mortgagee.
Until the completion of foreclosure pursuant to this chapter, the mortgagee shall possess the real property subject to liens of record at the time of the conveyance by the mortgagor. However, the lien of the mortgagee shall remain prior to liens which were junior to the mortgage at the time of conveyance by the mortgagor to the mortgagee.
Source: SL 1991, ch 185, ยง3.
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.