44-10-7. Obligations of pledge holder--Exoneration from undertaking.
A pledge holder for reward cannot exonerate himself from his undertaking; and a gratuitous pledge holder can do so only by giving reasonable notice to the pledgor and pledgee to appoint a new pledge holder, and in case of their failure to agree, by depositing the property pledged with some impartial person who will then be entitled to a reasonable compensation for his care of the same.
Source: CivC 1877, §1766; CL 1887, §4401; RCivC 1903, §2113; RC 1919, §1614; SDC 1939, §39.0508.
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.