If no application be made pursuant to § 20-4-7, the creditor, within a reasonable time after such performance, may apply it toward the extinction of any obligation, performance of which was due to him from the debtor at the time of such performance; except that if similar obligations were due to him, both individually and as a trustee, he must, unless otherwise directed by the debtor, apply the performance to the extinction of all such obligations in equal proportion; and an application once made by the creditor cannot be rescinded without the consent of the debtor.
S.D. Codified Laws § 20-4-8
Application of performance according to creditor's selection--Application to rights held individually and as trustee--Rescission of application made by creditor
Applied in 1 court decision — leading case Jacobson v. United National Bank (In Re Jacobson) (1980)
Most recently applied in Jacobson v. United National Bank (In Re Jacobson) (July 1980)
Source: CivC 1877, § 833, subdiv 2; CL 1887, § 3457, subdiv 2; RCivC 1903, § 1150, subdiv 2; RC 1919, § 757 (2); SDC 1939, § 47.0207 (2).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.