LegalFix
Sign In

§ 54-13-15 Continuation of mediation--Expiration of mediation period--Agreement between borrower and creditors.

SD Codified L § 54-13-15 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

54-13-15. Continuation of mediation--Expiration of mediation period--Agreement between borrower and creditors. If the borrower and the initiating creditor consent, mediation may continue beyond the forty-two day mediation period with the same force and effect as though held within the forty-two day period. If no meeting is held within the forty-two day mediation period, absent a waiver thereof, extension, or further agreement between borrower and creditor, the expiration of the mediation period shall conclusively constitute a mediation release. The director of the agriculture mediation program shall so inform the borrower and creditors and certify accordingly.

Any agreement reached between borrower and creditors as a result of mediation shall be drafted into a written agreement. If signed by borrower and creditors, the agreement shall constitute a mediation release, and the mediator shall so certify on the agreement.

Source: SL 1988, ch 384, § 15; SL 1991, ch 394, § 11; SL 2001, ch 259, § 12.

Previous Section
§ 54-13-14 State or federal time periods deemed to run concurrently.
Next Section
§ 54-13-16 Statement of waiver or failure to reach agreement deemed release.