An action to enforce any indemnity agreement shall not lie in favor of the surety against such indemnitor, except with respect to agreements set forth in the affidavit required by § 58-22-39. In an action by the indemnitor, such surety shall have the right to retain only such security or collateral as is mentioned in the affidavit required by § 58-22-39.
S.D. Codified Laws § 58-22-40
Surety's right to enforce indemnity agreement limited by affidavit
Source: SL 1966, ch 111, ch 31, § 25.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.