20-2-4. Kinds and definition of conditions. Conditions may be precedent, concurrent, or subsequent. A condition precedent is one which is to be performed before some right dependent thereon accrues, or some act dependent thereon is performed. Conditions concurrent are those which are mutually dependent, and are to be performed at the same time. A condition subsequent is one referring to a future event, upon happening of which the obligation becomes no longer binding upon the other party, if he chooses to avail himself of the condition.
Source: CivC 1877, §§ 805 to 808; CL 1887, §§ 3428 to 3431; RCivC 1903, §§ 1121 to 1124; RC 1919, §§ 728 to 731; SDC 1939, § 47.0108.
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