An insurer may invest any of its funds in evidences of debt secured by first mortgages or deeds of trust upon leasehold estates, running for a term of not less than fifteen years beyond the maturity of the loan as made or as extended, in improved real property, otherwise unencumbered, and if the mortgagee is entitled to be subrogated to all the rights under the leasehold.
S.D. Codified Laws § 58-27-39
Evidences of debt secured by mortgage or trust deed upon leasehold estates--Eligibility for investment
Source: SL 1966, ch 111, ch 6, § 24 (6).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.