Dividends paid to secured creditors shall be computed only upon the balance due after the value of all security not exempt from the claims of unsecured creditors and not released or surrendered to the liquidator, is determined and credited upon the claim secured by it.
S.D. Codified Laws § 54-10-4
Dividends to secured creditors--Computation
Known as the Uniform Act
The act spans §§ 54–54 (14 sections).
Source: SL 1941, ch 162, § 4; SDC Supp 1960, § 37.26A04.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.