The insurance under § 58-16-23 shall be payable to the policyholder. Such payment shall reduce or extinguish the unpaid indebtedness of the debtor to the extent of such payment.
S.D. Codified Laws § 58-16-29
Payment to policyholder as reduction of indebtedness
Source: SL 1966, ch 111, ch 24, § 1 (2) (e).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.