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S.D. Codified Laws § 57A-9-623

Persons who may redeem collateral--Procedure

Known as the Uniform Commercial Code

The act spans §§ 57–57 (574 sections).

Applied in 1 court decision — leading case Butler MacHinery Co. v. Morris Construction Co. (2004)

Most recently applied in Butler MacHinery Co. v. Morris Construction Co. (June 2004)

Source: SL 2000, ch 231.

(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

(b) To redeem collateral, a person shall tender:

(1) Fulfillment of all obligations secured by the collateral; and

(2) The reasonable expenses and attorney's fees described in § 57A-9-615(a)(1).

(c) A redemption may occur at any time before a secured party:

(1) Has collected collateral under § 57A-9-607;

(2) Has disposed of collateral or entered into a contract for its disposition under § 57A-9-610; or

(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under § 57A-9-622.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.