Whenever property of a surety is hypothecated with the property of the principal, the surety is entitled to have the property of the principal first applied to the discharge of the obligation.
S.D. Codified Laws § 56-2-7
Property of principal first resorted to
Applied in 1 court decision — leading case State of Wis. Inv. Bd. v. Hurst (1987)
Most recently applied in State of Wis. Inv. Bd. v. Hurst (August 1987)
Source: SDC 1939, § 26.0212.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.