44-10-6. Pledge holder--Selection--Duties.
A pledgor and pledgee may agree upon a third person with whom to deposit the property pledged who, if he accepts, becomes a pledge holder. He must enforce all of the rights of the pledgee unless authorized by him to waive them.
Source: CivC 1877, §§1764, 1767; CL 1887, §§4399, 4402; RCivC 1903, §§2111, 2114; RC 1919, §§1612, 1615; SDC 1939, §39.0507.
Structure South Dakota Codified Laws
Chapter 10 - Pledges Of Personal Property
Section 44-10-1 - Pledge defined.
Section 44-10-2 - Lien of pledge dependent on possession--Delivery essential to valid pledge.
Section 44-10-4 - Lienor may pledge property to the extent of his lien.
Section 44-10-6 - Pledge holder--Selection--Duties.
Section 44-10-7 - Obligations of pledge holder--Exoneration from undertaking.
Section 44-10-9 - Increase of property pledged--Covered by pledge lien.
Section 44-10-10 - Pledgee's sale of securities--Evidences of debt--Exception.
Section 44-10-11 - Debtor's misrepresentation of value of pledge.