LegalFix
Sign In

§ 43-4-50 Liability for private transfer fee obligations recorded or entered into after June 30, 2011.

SD Codified L § 43-4-50 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

43-4-50. Liability for private transfer fee obligations recorded or entered into after June 30, 2011. Any person who records or enters into an agreement imposing a private transfer fee obligation in the person's favor after June 30, 2011, is liable for any damages resulting from the imposition of the transfer fee obligation on the transfer of an interest in the real property, including the amount of any transfer fee paid by a party to the transfer, and any attorney fees, expenses, and costs incurred by a party to the transfer or mortgagee of the real property to recover any transfer fee paid or in connection with an action to quiet title. If an agent acts on behalf of a principal to record or secure a private transfer fee obligation, liability shall be assessed to the principal, rather than the agent.

Source: SL 2011, ch 196, § 5.

Previous Section
§ 43-4-49 Private transfer fee obligations after June 30, 2011 unenforceable-- Private transfer fee obligations before June 30, 2011 not presumed valid and enforceable.
Next Section
§ 43-4-51 Disclosure of private transfer fee obligations.