54-10-10. Value of security, determination by liquidator's sale of assets--Order of sale, requirements.
Under the circumstances described by §54-10-7, the court may order the value of the security determined by liquidator's sale of the assets which, when completed and approved by the court, shall pass to the purchaser good title, free and clear of all liens of the secured creditor, such liens to be transferred to the proceeds of the sale. The order of sale may be either
(1)Conditional, requiring the sale to be made by the liquidator only if the secured creditor does not complete a determination by collection or creditor's sale as set forth in §§54-10-5 and 54-10-6 within a time fixed by the court; or
(2)Absolute, requiring the sale to be made by the liquidator within a time fixed by the court.
Source: SL 1941, ch 162, §6; SDC Supp 1960, §37.26A06 (3).
Structure South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings
Section 54-10-1 - Definition of terms.
Section 54-10-2 - Secured creditor's claim against general assets--Disclosure of nature of security.
Section 54-10-4 - Dividends to secured creditors--Computation.
Section 54-10-5 - Obligation for payment of money as security--Determination of value.
Section 54-10-6 - Security other than obligation for the payment of money--Determination of value.
Section 54-10-11 - Value of exempt security not credited upon claim.
Section 54-10-12 - Application of chapter to existing transactions.