reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-601 - Rights of secured party after default--Rights of debtor and obligor--Relation back of judgment lien.

57A-9-601. Rights of secured party after default--Rights of debtor and obligor--Relation back of judgment lien.
(a) After default, a secured party has the rights provided in this part and, except as otherwise provided in §57A-9-602, those provided by agreement of the parties. A secured party:
(1)May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(2)If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(b) A secured party in possession of collateral or control of collateral under §57A-9-104, 57A-9-105, 57A-9-106, 57A-9-107, or 57A-7-106 has the rights and duties provided in §57A-9-207.
(c) The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously.
(d) Except as otherwise provided in subsection (g) and §57A-9-605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(e) If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
(1)The date of perfection of the security interest or agricultural lien in the collateral;
(2)The date of filing a financing statement covering the collateral; or
(3)Any date specified in a statute under which the agricultural lien was created.
(f) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.
(g) Except as otherwise provided in §57A-9-607(c), this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
Source:
SL 2000, ch 231; SL 2009, ch 254, §836.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-602 - Waiver or variance of rules by debtor or obligor.

57A-9-602. Waiver or variance of rules by debtor or obligor.
Except as otherwise provided in §57A-9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:
(1)Section 57A-9-207(b)(4)(C), which deals with use and operation of the collateral by the secured party;
(2)Section 57A-9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3)Section 57A-9-607(c), which deals with collection and enforcement of collateral;
(4)Sections 57A-9-608(a) and 57A-9-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5)Sections 57A-9-608(a) and 57A-9-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6)Section 57A-9-609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;
(7)Sections 57A-9-610(b), 57A-9-611, 57A-9-613, and 57A-9-614, which deal with disposition of collateral;
(8)Section 57A-9-615(f), which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor;
(9)Section 57A-9-616, which deals with explanation of the calculation of a surplus or deficiency;
(10)Sections 57A-9-620, 57A-9-621, and 57A-9-622, which deal with acceptance of collateral in satisfaction of obligation;
(11)Section 57A-9-623, which deals with redemption of collateral;
(12)Section 57A-9-624, which deals with permissible waivers; and
(13)Sections 57A-9-625 and 57A-9-626, which deal with the secured party's liability for failure to comply with this chapter.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-603 - Agreement on standards for fulfilling rights and duties.

57A-9-603. Agreement on standards for fulfilling rights and duties.
(a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in §57A-9-602 if the standards are not manifestly unreasonable.
(b) Subsection (a) does not apply to the duty under §57A-9-609 to refrain from breaching the peace.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-604 - Procedure if obligation secured by security interest in personal property or fixtures is also secured by interest in real property.

57A-9-604. Procedure if obligation secured by security interest in personal property or fixtures is also secured by interest in real property.
(a) If a security agreement covers both personal and real property, a secured party may proceed:
(1)Under this part as to the personal property without prejudicing any rights with respect to the real property; or
(2)As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply.
(b) Subject to subsection (c), if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(1)Under this part; or
(2)In accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.
(c) Subject to the other provisions of this part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(d) A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-605 - Duty of secured party to unknown debtor or obligor or unknown secured party or lienholder.

57A-9-605. Duty of secured party to unknown debtor or obligor or unknown secured party or lienholder.
A secured party does not owe a duty based on its status as secured party:
(1)To a person that is a debtor or obligor, unless the secured party knows:
(A)That the person is a debtor or obligor;
(B)The identity of the person; and
(C)How to communicate with the person; or
(2)To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A)That the person is a debtor; and
(B)The identity of the person.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-606 - Time of default in connection with agricultural lien.

57A-9-606. Time of default in connection with agricultural lien.
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-607 - Collection and enforcement by secured party.

57A-9-607. Collection and enforcement by secured party.
(a) If so agreed, and in any event after default, a secured party:
(1)May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
(2)May take any proceeds to which the secured party is entitled under §57A-9-315;
(3)May enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
(4)If it holds a security interest in a deposit account perfected by control under §57A-9-104(a)(1), may apply the balance of the deposit account to the obligation secured by the deposit account; and
(5)If it holds a security interest in a deposit account perfected by control under §57A-9-104(a)(2) or (3), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(b) If necessary to enable a secured party to exercise under subsection (a)(3) the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded:
(1)A copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(2)The secured party's sworn affidavit in recordable form stating that:
(A)A default has occurred with respect to the obligation secured by the mortgage; and
(B)The secured party is entitled to enforce the mortgage nonjudicially.
(c) A secured party shall proceed in a commercially reasonable manner if the secured party:
(1)Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(2)Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(d) A secured party may deduct from the collections made pursuant to subsection (c) reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party.
(e) This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
Source:
SL 2000, ch 231; SL 2012, ch 238, §17, eff. July 1, 2013.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-608 - Application of proceeds--Entitlement to surplus or liability for deficiency.

57A-9-608. Application of proceeds--Entitlement to surplus or liability for deficiency.
(a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(1)A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under §57A-9-607 in the following order to:
(A)The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;
(B)The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C)The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(2)If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under paragraph (1)(C).
(3)A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under §57A-9-607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(4)A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-609 - Secured party's rights with respect to collateral following default.

57A-9-609. Secured party's rights with respect to collateral following default.
(a) After default, a secured party:
(1)May take possession of the collateral; and
(2)Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under §57A-9-610.
(b) A secured party may proceed under subsection (a):
(1)Pursuant to judicial process; or
(2)Without judicial process, if it proceeds without breach of the peace.
(c) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-609.1 - Action for recovery of security by creditor against third party purchaser of farm products--Limitation period--Offer to file criminal complaint.

57A-9-609.1. Action for recovery of security by creditor against third party purchaser of farm products--Limitation period--Offer to file criminal complaint.
No cause of action for recovery of security or its value may be commenced by a secured creditor against an innocent third-party purchaser of farm products as defined in subsection (34) of §57A-9-102, nor may such a cause of action be commenced against a livestock auction agency, as defined in chapter 40-15 and §301 of the Packers and Stockyards Act (7 USC 201), or a public grain warehouse, or a public terminal grain warehouse, or a grain dealer as defined by chapters 49-43, 49-44, and 49-45 respectively, unless such action is commenced within twenty-four months from the date the farm products are sold and unless such action is preceded by the secured creditor offering to file against the debtor, a complaint as defined by §23A-2-1.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-609.2 - Farm products fraud--Misdemeanor.

57A-9-609.2. Farm products fraud--Misdemeanor.
Any person who for himself, or through an agent, sells livestock through a livestock auction agency, as defined in chapter 40-15 and §301 of the Packers and Stockyards Act (7 USC 201), or who so sells grain through a public grain warehouse, or through a public terminal grain warehouse, or a grain dealer as defined in chapters 49-43, 49-44, and 49-45 respectively, without notifying the livestock auction agency or the grain warehouse or grain dealer of a security interest in such farm products, and with intent to defraud, is guilty of farm products fraud. The failure of the seller to give written notice of a security interest in the farm products prior to the date of the sale by the livestock auction agency, or the grain warehouse, or grain dealer, is prima facie evidence of intent to defraud.
A violation of this section is a Class 1 misdemeanor.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-610 - Disposition of collateral after default--Treatment of warranties.

57A-9-610. Disposition of collateral after default--Treatment of warranties.
(a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing .
(b) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c) A secured party may purchase collateral:
(1)At a public disposition; or
(2)At a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d) A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e) A secured party may disclaim or modify warranties under subsection (d):
(1)In a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2)By communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f) A record is sufficient to disclaim warranties under subsection (e) if it indicates "There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-611 - "Notification date"--Notification of disposition of collateral.

57A-9-611."Notification date"--Notification of disposition of collateral.
(a) In this section, "notification date" means the earlier of the date on which:
(1)A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or
(2)The debtor and any secondary obligor waive the right to notification.
(b) Except as otherwise provided in subsection (d), a secured party that disposes of collateral under §57A-9-610 shall send to the persons specified in subsection (c) a reasonable authenticated notification of disposition.
(c) To comply with subsection (b), the secured party shall send an authenticated notification of disposition to:
(1)The debtor;
(2)Any secondary obligor; and
(3)If the collateral is other than consumer goods:
(A)Any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(B)Any other secured party or lienholder that, ten days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i)Identified the collateral;
(ii)Was indexed under the debtor's name as of that date; and
(iii)Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(C)Any other secured party that, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in §57A-9-311(a).
(d) Subsection (b) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(e) A secured party complies with the requirement for notification prescribed by subsection (c)(3)(B) if:
(1)Not later than twenty days or earlier than thirty days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (c)(3)(B); and
(2)Before the notification date, the secured party:
(A)Did not receive a response to the request for information; or
(B)Received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-612 - Reasonable time for sending notification.

57A-9-612. Reasonable time for sending notification.
(a) Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact.
(b) In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-613 - Contents of notification--Form.

57A-9-613. Contents of notification--Form.
Except in a consumer-goods transaction, the following rules apply:
(1)The contents of a notification of disposition are sufficient if the notification:
(A)Describes the debtor and the secured party;
(B)Describes the collateral that is the subject of the intended disposition;
(C)States the method of intended disposition;
(D)States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
(E)States the time and place of a public disposition or the time after which any other disposition is to be made.
(2)Whether the contents of a notification that lacks any of the information specified in paragraph (1) are nevertheless sufficient is a question of fact.
(3)The contents of a notification providing substantially the information specified in paragraph (1) are sufficient, even if the notification includes:
(A)Information not specified by that paragraph; or
(B)Minor errors that are not seriously misleading.
(4)A particular phrasing of the notification is not required.
(5)The following form of notification and the form appearing in §57A-9-614(3), when completed, each provides sufficient information:
NOTIFICATION OF DISPOSITION OF COLLATERAL
To: [Name of debtor, obligor, or other person to which the notification is sent]
From: [Name, address, and telephone number of secured party]
Name of Debtor(s): [Include only if debtor(s) are not an addressee]
[For a public disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows:
Day and Date: %#40 __________
Time: %#40 __________
Place: %#40 __________
[For a private disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date].
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $___]. You may request an accounting by calling us at [telephone number].
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-617 - Rights of transferee of collateral disposed of after default.

57A-9-617. Rights of transferee of collateral disposed of after default.
(a) A secured party's disposition of collateral after default:
(1)Transfers to a transferee for value all of the debtor's rights in the collateral;
(2)Discharges the security interest under which the disposition is made; and
(3)Discharges any subordinate security interest or other subordinate lien, other than liens created by law that are not to be discharged.
(b) A transferee that acts in good faith takes free of the rights and interests described in subsection (a), even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding.
(c) If a transferee does not take free of the rights and interests described in subsection (a), the transferee takes the collateral subject to:
(1)The debtor's rights in the collateral;
(2)The security interest or agricultural lien under which the disposition is made; and
(3)Any other security interest or other lien.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-618 - Rights and duties of secondary obligor.

57A-9-618. Rights and duties of secondary obligor.
(a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(1)Receives an assignment of a secured obligation from the secured party;
(2)Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(3)Is subrogated to the rights of a secured party with respect to collateral.
(b) An assignment, transfer, or subrogation described in subsection (a):
(1)Is not a disposition of collateral under §57A-9-610; and
(2)Relieves the secured party of further duties under this chapter.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-619 - "Transfer statement"--Rights of transferee--Effect of transfer of record or legal title.

57A-9-619."Transfer statement"--Rights of transferee--Effect of transfer of record or legal title.
(a) In this section, "transfer statement" means a record authenticated by a secured party stating:
(1)That the debtor has defaulted in connection with an obligation secured by specified collateral;
(2)That the secured party has exercised its post-default remedies with respect to the collateral;
(3)That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(4)The name and mailing address of the secured party, debtor, and transferee.
(b) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(1)Accept the transfer statement;
(2)Promptly amend its records to reflect the transfer; and
(3)If applicable, issue a new appropriate certificate of title in the name of the transferee.
(c) A transfer of the record or legal title to collateral to a secured party under subsection (b) or otherwise is not of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties under this chapter.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-621 - Persons who must receive secured party's proposal to accept collateral.

57A-9-621. Persons who must receive secured party's proposal to accept collateral.
(a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(1)Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;
(2)Any other secured party or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(A)Identified the collateral;
(B)Was indexed under the debtor's name as of that date; and
(C)Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(3)Any other secured party that, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in §57A-9-311(a).
(b) A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a).
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-622 - Effect of acceptance of collateral.

57A-9-622. Effect of acceptance of collateral.
(a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1)Discharges the obligation to the extent consented to by the debtor;
(2)Transfers to the secured party all of a debtor's rights in the collateral;
(3)Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and
(4)Terminates any other subordinate interest.
(b) A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this chapter.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-623 - Persons who may redeem collateral--Procedure.

57A-9-623. Persons who may redeem collateral--Procedure.
(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) To redeem collateral, a person shall tender:
(1)Fulfillment of all obligations secured by the collateral; and
(2)The reasonable expenses and attorney's fees described in §57A-9-615(a)(1).
(c) A redemption may occur at any time before a secured party:
(1)Has collected collateral under §57A-9-607;
(2)Has disposed of collateral or entered into a contract for its disposition under §57A-9-610; or
(3)Has accepted collateral in full or partial satisfaction of the obligation it secures under §57A-9-622.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-624 - Waiver of rights.

57A-9-624. Waiver of rights.
(a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under §57A-9-611 only by an agreement to that effect entered into and authenticated after default.
(b) A debtor may waive the right to require disposition of collateral under §57A-9-620(e) only by an agreement to that effect entered into and authenticated after default.
(c) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under §57A-9-623 only by an agreement to that effect entered into and authenticated after default.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-625 - Sanctions for failure to proceed in accordance with chapter--Liability for damages.

57A-9-625. Sanctions for failure to proceed in accordance with chapter--Liability for damages.
(a) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions.
(b) Subject to subsections (c) and (d) a person is liable for damages in the amount of any loss caused by a failure to comply with this chapter. Loss caused by a failure to comply may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative financing.
(c) Except as otherwise provided in §57A-9-628:
(1)A person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and
(2)If the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price.
(d) A debtor whose deficiency is eliminated under §57A-9-626 may recover damages for the loss of any surplus. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under §57A-9-626 may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.
(e) If a secured party fails to comply with a request regarding a list of collateral or a statement of account under §57A-9-210, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-626 - Action in which amount of deficiency or surplus is in issue.

57A-9-626. Action in which amount of deficiency or surplus is in issue.
(a) In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply:
(1)A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.
(2)If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.
(3)Except as otherwise provided in §57A-9-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:
(A)The proceeds of the collection, enforcement, disposition, or acceptance; or
(B)The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.
(4)For purposes of paragraph (3)(B), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum.
(5)If a deficiency or surplus is calculated under §57A-9-615(f), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-627 - What constitutes commercially reasonable collection, enforcement, disposition, or acceptance.

57A-9-627. What constitutes commercially reasonable collection, enforcement, disposition, or acceptance.
(a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(b) A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(1)In the usual manner on any recognized market;
(2)By the price current in any recognized market at the time of the disposition; or
(3)Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(c) A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(1)In a judicial proceeding;
(2)By a bona fide creditors' committee;
(3)By a representative of creditors; or
(4)By an assignee for the benefit of creditors.
(d) Approval under subsection (c) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-628 - Limitations on liability of secured party.

57A-9-628. Limitations on liability of secured party.
(a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
(1)The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and
(2)The secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.
(b) A secured party is not liable because of its status as secured party:
(1)To a person that is a debtor or obligor, unless the secured party knows:
(A)That the person is a debtor or obligor;
(B)The identity of the person; and
(C)How to communicate with the person; or
(2)To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A)That the person is a debtor; and
(B)The identity of the person.
(c) A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:
(1)A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2)An obligor's representation concerning the purpose for which a secured obligation was incurred.
(d) A secured party is not liable to any person under §57A-9-625(c)(2) for its failure to comply with §57A-9-616.
(e) A secured party is not liable under §57A-9-625(c)(2) more than once with respect to any one secured obligation.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-701 - Effective date of chapter.

57A-9-701. Effective date of chapter.
This chapter is effective on July 1, 2001, and on July 1, 2001, chapter 57A-9 is repealed.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-702 - Effect of chapter on transactions or liens entered into or created before July 1, 2001--Effect on actions, cases, or proceedings.

57A-9-702. Effect of chapter on transactions or liens entered into or created before July 1, 2001--Effect on actions, cases, or proceedings.
(a) Except as otherwise provided in this part, this chapter applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001.
(b) Except as otherwise provided in subsection (c) and §§57A-9-703 through 57A-9-709:
(1)Transactions and liens that were not governed by former chapter 57A-9, were validly entered into or created before July 1, 2001, and would be subject to this chapter if they had been entered into or created after July 1, 2001, and the rights, duties, and interests flowing from those transactions and liens remain valid after July 1, 2001; and
(2)The transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this chapter or by the law that otherwise would apply if this chapter had not taken effect.
(c) This chapter does not affect an action, case, or proceeding commenced before July 1, 2001.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-703 - Effect of division on security interests enforceable before July 1, 2001.

57A-9-703. Effect of division on security interests enforceable before July 1, 2001.
(a) A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this chapter if, on July 1, 2001, the applicable requirements for enforceability and perfection under this chapter are satisfied without further action.
(b) Except as otherwise provided in §57A-9-705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this chapter are not satisfied on July 1, 2001, the security interest:
(1)Is a perfected security interest for one year after July 1, 2001;
(2)Remains enforceable thereafter only if the security interest becomes enforceable under §57A-9-203 before the year expires; and
(3)Remains perfected thereafter only if the applicable requirements for perfection under this chapter are satisfied before the year expires.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-704 - Enforceability and perfection of security interest enforceable immediately prior to July 1, 2001, and subordinate to lien creditor.

57A-9-704. Enforceability and perfection of security interest enforceable immediately prior to July 1, 2001, and subordinate to lien creditor.
A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1)Remains an enforceable security interest for one year after July 1, 2001;
(2)Remains enforceable thereafter if the security interest becomes enforceable under §57A-9-203 on July 1, 2001, or within one year thereafter; and
(3)Becomes perfected:
(A)Without further action, on July 1, 2001, if the applicable requirements for perfection under this chapter are satisfied before or at that time; or
(B)When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-705 - Effect of certain actions prior to July 1, 2001.

57A-9-705. Effect of certain actions prior to July 1, 2001.
(a) If action, other than the filing of a financing statement, is taken before July 1, 2001, and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before July 1, 2001, the action is effective to perfect a security interest that attaches under this chapter within one year after July 1, 2001. An attached security interest becomes unperfected one year after July 1, 2001, unless the security interest becomes a perfected security interest under this chapter before the expiration of that period.
(b) The filing of a financing statement before July 1, 2001, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter.
(c) This chapter does not render ineffective an effective financing statement that, before July 1, 2001, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former §57A-9-103. However, except as otherwise provided in subsections (d) and (e) and §57A-9-706, the financing statement ceases to be effective at the earlier of:
(1)The time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or
(2)June 30, 2006.
(d) The filing of a continuation statement after July 1, 2001, does not continue the effectiveness of the financing statement filed before July 1, 2001. However, upon the timely filing of a continuation statement after July 1, 2001, and in accordance with the law of the jurisdiction governing perfection as provided in Part 3, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2001, continues for the period provided by the law of that jurisdiction.
(e) Subsection (c)(2) applies to a financing statement that, before July 1, 2001, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former §57A-9-103 only to the extent that Part 3 provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(f) A financing statement that includes a financing statement filed before July 1, 2001, and a continuation statement filed after July 1, 2001, is effective only to the extent that it satisfies the requirements of Part 5 for an initial financing statement.
Source:
SL 2000, ch 231.
2023 South Dakota Codified Laws › Title 57A - Uniform Commercial Code › Chapter 09 - Secured Transactions › Section 57A-9-706 - Conditions to continuing effectiveness of financing statement filed before July 1, 2001.

57A-9-706. Conditions to continuing effectiveness of financing statement filed before July 1, 2001.
(a) The filing of an initial financing statement in the office specified in §57A-9-501 continues the effectiveness of a financing statement filed before July 1, 2001 if:
(1)The filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter;
(2)The pre-effective-date financing statement was filed in an office in another state or another office in this state; and
(3)The initial financing statement satisfies subsection (c).
(b) The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement:
(1)The initial financing statement is filed before July 1, 2001, for the period provided in §57A-9-403 with respect to a financing statement; and
(2)The initial financing statement is filed after July 1, 2001, for the period provided in §57A-9-515 with respect to an initial financing statement.
(c) To be effective for purposes of subsection (a), an initial financing statement must:
(1)Satisfy the requirements of Part 5 for an initial financing statement;
(2)Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3)Indicate that the pre-effective-date financing statement remains effective.
Source:
SL 2000, ch 231.