For the purpose of this section and § 44-8-28, a due-on-sale clause is a provision of a real estate mortgage which requires that the note secured by the mortgage be paid at the time the property is transferred and no assumption of the original note is permitted.
S.D. Codified Laws § 44-8-27
Due-on-sale clause defined
Applied in 1 court decision — leading case First Federal Savings & Loan Ass'n of Rapid City v. Clark Investment Co. (1982)
Most recently applied in First Federal Savings & Loan Ass'n of Rapid City v. Clark Investment Co. (July 1982)
Source: SL 1981, ch 311, § 1.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.