When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its value by collection or by exhausting his remedies thereon and then surrendering the obligation to the liquidator.
S.D. Codified Laws § 54-10-5
Obligation for payment of money as security--Determination of value
Known as the Uniform Act
The act spans §§ 54–54 (14 sections).
Source: SL 1941, ch 162, § 5; SDC Supp 1960, § 37.26A05 (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.