A manufacturer's statement of origin or manufacturer's certificate of origin shall be deemed to be in possession of the lien holder while being transmitted to the secretary and until issuance of a certificate of title by the secretary showing the lien. All contracts, liens, mortgages, and encumbrances, noted on a certificate of title, shall take priority according to the order of time in which the liens were noted.
S.D. Codified Laws § 32-3-35
Manufacturer's statement or certificate of origin pending issuance of certificate of title--Priority of liens
Applied in 2 court decisions — leading case Farmers & Merchants Bank & Trust of Watertown v. Ksenych (1977)
Most recently applied in Farm Credit Services of the Midlands, PCA v. First State Bank of Newcastle, Wyoming (February 1998)
Source: SDC 1939, § 44.0203 (1) as added by SL 1951, ch 229, § 3; SL 1965, ch 186, § 3; SL 1989, ch 257, § 36.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.