15-10-3. Constructive notice from filing of notice--Subsequent purchasers and encumbrancers bound. From the time of filing only shall the pendency of the action be constructive notice to a purchaser or encumbrancer of the property affected thereby. Every person whose conveyance or encumbrance is subsequently executed or subsequently recorded shall be deemed a subsequent purchaser or encumbrancer and shall be bound by all proceedings taken after the filing of such notice, to the same extent as if he were a party to the action.
Source: SDC 1939 & Supp 1960, § 33.0805.
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