LegalFix
Sign In

§ 21-45-51 Application of proceeds of sale of encumbered property.

SD Codified L § 21-45-51 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

21-45-51. Application of proceeds of sale of encumbered property. The proceeds of the sale of encumbered property must be applied under the direction of the court as follows:

(1) To pay its just proportion of the general costs of the action;

(2) To pay the costs of the reference;

(3) To satisfy and cancel of record the several liens in their order or priority, by payment of the sums due and to become due; the amount due to be verified by affidavit at the time of payment;

(4) The residue among the owners of the property sold, according to their respective shares therein.Source: CCivP 1877, § 567; CL 1887, § 5381; RCCivP 1903, § 606; RC 1919, § 2817; SDC 1939 & Supp 1960, § 37.1418.

Previous Section
§ 21-45-50 Continuation of action between parties when proceeds of sale paid into court--Hearing of further testimony.
Next Section
§ 21-45-52 Lien holder required to resort to other secured property.