S.D. Codified Laws § 20-4-9

Application of performance in absence of selection by parties

Applied in 1 court decision — leading case Larson Concrete Co. v. Stroschein (1984)

Most recently applied in Larson Concrete Co. v. Stroschein (August 1984)

Source: CivC 1877, § 833, subdiv 3; CL 1887, § 3457, subdiv 3; RCivC 1903, § 1150, subdiv 3; RC 1919, § 757 (3); SDC 1939, § 47.0207 (3).

If neither party makes application pursuant to § 20-4-7 or § 20-4-8 within a reasonable time after performance, the performance must be applied to the extinction of obligations in the following order; and if there be more than one obligation of a particular class, to the extinction of all in that class, ratably:

(1) Of interest due at the time of the performance;

(2) Of principal due at that time;

(3) Of the obligation earliest in date of maturity;

(4) Of an obligation not secured by a lien or collateral undertaking;

(5) Of an obligation secured by a lien or collateral undertaking.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.