44-1-13. Priority of lien securing future advances.
A lien document containing a written provision securing the repayment of future advances, whether or not the lien creditor is obligated to make such future advances, has priority over all subsequent encumbrancers to the extent of all sums advanced, with interest thereon, with the same effect as if the entire sum had been advanced at the time of the creation of the lien.
Source: SL 1985, ch 339.
Structure South Dakota Codified Laws
Chapter 01 - Definitions And General Provisions
Section 44-1-1 - Lien defined.
Section 44-1-2 - Classification of liens--Definition of terms--General lien--Special lien.
Section 44-1-3 - Application of general statutes to liens--Exception.
Section 44-1-4 - Creation of lien--Contract--Operation of law.
Section 44-1-5 - Security for performance of future obligations--Creation of lien.
Section 44-1-6 - Agreement to create lien on future interest--Attachment of lien.
Section 44-1-7 - Lien or contract of lien transfers no title to property.
Section 44-1-9 - Obligation to perform not implied from lien.
Section 44-1-10 - Lien limited to specified obligation.
Section 44-1-13 - Priority of lien securing future advances.