No transfer which creates an equitable lien may be deemed to be perfected if there are available means by which a legal lien could be created.
S.D. Codified Laws § 58-29B-71
Transfer creating equitable lien--Conditions prohibiting perfection
Known as the Insurers Supervision, Rehabilitation, and Liquidation Act
The act spans §§ 58-29B-1 to 58-29B-99 (167 sections).
Source: SL 1989, ch 436, § 71.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.