36-21D-14. Action against surety bond or irrevocable letter of credit.
Any person damaged by an appraisal management company's failure to pay an obligation listed in subdivision 36-21D-12(1) has a right of action against the surety bond or irrevocable letter of credit. Any action against a surety bond or irrevocable letter of credit must be filed in a court of competent jurisdiction within one year after the appraisal management company fails to pay the amount owing or the amount adjudged against the appraisal management company.
Source: SL 2014, ch 184, ยง3.
Structure South Dakota Codified Laws
Title 36 - Professions and Occupations
Chapter 21D - Appraisal Management Companies
Section 36-21D-2 - Appraisal management company defined.
Section 36-21D-3 - Appraisal defined.
Section 36-21D-4 - Promulgation of rules regarding companies and services.
Section 36-21D-5 - Promulgation of rules regarding fees.
Section 36-21D-6 - South Dakota appraisal management companies fund.
Section 36-21D-7 - Expenditure from fund only upon appropriation.
Section 36-21D-8 - Monetary penalty for violation.
Section 36-21D-9 - Assessment of expenses of contested case proceeding.
Section 36-21D-10 - Prohibited conduct--Grounds for discipline.
Section 36-21D-11 - Permissible conduct.
Section 36-21D-13 - Maintenance of surety bond or irrevocable letter of credit.
Section 36-21D-14 - Action against surety bond or irrevocable letter of credit.