The loan value of the policy shall be at least equal to the amount required by § 58-15-16 or 58-15-17, provided that the insurer may deduct, either from such loan value or from the proceeds of the loan, any existing indebtedness not already deducted in determining such amount including any interest then accrued but not due, any unpaid balance of the premium for the current policy year, and interest on the loan to the end of the current policy year.
S.D. Codified Laws § 58-15-18
Loan value of policy--Indebtedness deducted
Source: SL 1966, ch 111, ch 23, § 9.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.