The acceptance by a creditor of anything in partial satisfaction of an obligation reduces the obligation of a guarantor thereof in the same measure as that of the principal, but does not otherwise affect it.
S.D. Codified Laws § 56-1-25
Obligation of guarantor reduced by partial satisfaction of obligation
Applied in 1 court decision — leading case First National Bank of Minneapolis v. Kehn Ranch, Inc. (1986)
Most recently applied in First National Bank of Minneapolis v. Kehn Ranch, Inc. (October 1986)
Source: SDC 1939, § 26.0119.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.