54-10-6. Security other than obligation for the payment of money--Determination of value.
When the asset constituting the security is something other than an obligation for the payment of money, the secured creditor may determine its value by creditor's sale.
Source: SL 1941, ch 162, §5; SDC Supp 1960, §37.26A05 (2).
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.