S.D. Codified Laws ch. 57A-9 – Secured Transactions | Midpage

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South Dakota Codified Laws

Chapter 57A-9

S.D. Codified Laws ch. 57A-9

Secured Transactions

57A-9-101Short title.57A-9-102Definitions and index of definitions.57A-9-103Purchase money security interest--Application of payments--Burden of establishing nature of interest.57A-9-104Control of deposit account.57A-9-105Control of electronic copy of record evidencing chattel paper.57A-9-105.1Control of electronic money.57A-9-106Control of security, security settlement, or commodity contract.57A-9-107Control of letter-of-credit right.57A-9-107.1Control of controllable electronic record, controllable account, or controllable payment intangible.57A-9-107.2No requirement to acknowledge or confirm--No duties.57A-9-108Sufficiency of description of property.57A-9-109Application of chapter.57A-9-110Provisions governing security interests arising under other sections.57A-9-201Effectiveness of security interest in general--Applicability of other laws--Conflict of law.57A-9-202Immateriality of title to collateral.57A-9-203Attachment and enforceability of security interest--Proceeds--Supporting obligations--Formal requisites.57A-9-204After-acquired property--Future advances.57A-9-204.1Attachment of security interest in transactions entered into between June 30, 1978, and July 1, 1979.57A-9-205Effect of debtor's right to use or dispose of collateral--Requirement of possession.57A-9-206Interest in favor of securities intermediary--Interest in favor of person who delivers financial asset.57A-9-207Rights and duties of secured party having possession or control of collateral.57A-9-208Additional duties of secured party having control of collateral.57A-9-209Duties of secured party if account debtor has been notified of assignment.57A-9-210Request for accounting--Request regarding list of collateral or statement of account.57A-9-301Law governing perfection and priority of security interests.57A-9-302Law governing perfection and priority issues relating to farm products.57A-9-303Law governing perfection and priority issues relating to goods covered by a certificate of title.57A-9-304Law governing perfection and priority of security interests in deposit accounts.57A-9-305Law governing perfection and priority of security interests in investment property.57A-9-306Law governing issues of perfection and priority relating to letter-of-credit rights.57A-9-306.1Law governing perfection and priority of security interests in chattel paper.57A-9-306.2Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles.57A-9-307Location of debtor.57A-9-308What constitutes perfection of security interest or agricultural lien.57A-9-309Security interests that are perfected when they attach.57A-9-310When filing required to perfect security interest or agricultural lien--Security interests and agricultural liens to which filing provisions do not apply.57A-9-311Perfection of security interests in property subject to certain statutes, regulations, and treaties.57A-9-312Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, negotiable documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money--Perfection by permissive filing--Temporary perfection without filing or transfer of possession.57A-9-313When possession by or delivery to secured party perfects security interest without filing.57A-9-314Perfection by control.57A-9-314.1Perfection by possession and control of chattel paper.57A-9-315Effect of disposition of collateral on security interest or agricultural lien--Interest in proceeds.57A-9-316Continued perfection of security interest following change in governing law.57A-9-317Interests that take priority over or take free of security interests or agricultural lien.57A-9-318Effect of sale of collateral on rights of debtor.57A-9-319Rights of consignee in relation to creditors and purchasers.57A-9-320Rights of buyer in ordinary course of business--Buyer of goods from seller who bought or used them for personal or household use.57A-9-321"Licensee in ordinary course of business"--Rights with respect to security interest--Rights of lessee in ordinary course of business.57A-9-322Priority among conflicting security interests and agricultural liens in same collateral.57A-9-323Future advances.57A-9-324Priority of purchase-money security interests.57A-9-325Subordination of security interest created by debtor to security interest created by another person.57A-9-326Subordination of security interest created by new debtor.57A-9-326.1Priority of security interest in controllable account, controllable electronic record, and controllable payment intangible.57A-9-327Priority among conflicting security interests in same deposit account.57A-9-328Priority among conflicting security interests in same investment property.57A-9-329Priority among conflicting security interests in same letter-of-credit right.57A-9-330Priority of purchaser of chattel paper or instrument.57A-9-331Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments, and securities under other chapters--Priority of interests in financial assets and security entitlements and protection against assertion of claim under chapters 57A-8 and 57A-12.57A-9-332Transferee of money or funds from deposit account.57A-9-333"Possessory lien"--Priority over security interest.57A-9-334Priority of security interests in fixtures and crops.57A-9-335Security interest in accession--Collateral that becomes an accession.57A-9-336"Commingled goods"--Security interest and priority issues with respect to commingled goods.57A-9-337Certificate of title failing to show security interest perfected under another jurisdiction's law.57A-9-338Effect of inaccurate financing statement on security interest or agricultural lien.57A-9-339Subordination by agreement.57A-9-340Bank's right of recoupment or setoff against party holding security interest in deposit account.57A-9-341Bank's rights and duties with respect to deposit account.57A-9-342Bank's right with respect to agreement giving secured party control of deposit account.57A-9-401Transferability of debtor's rights.57A-9-402Secured party's liability for debtor's acts or omissions.57A-9-403"Value"--Agreement not to assert claims or defenses against assignee.57A-9-403.157A-9-403.1 to 57A-9-403.5. Repealed by SL 1982, ch 347, §§ 39 to 43 57A-9-404Rights acquired by assignee--Claims and defenses against assignee.57A-9-405Effect of modification or substitution of assigned contract.57A-9-406Discharge of account debtor--Notification of assignment--Identification and proof of assignment--Restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective.57A-9-407Ineffective prohibitions or restrictions in lease agreement.57A-9-408Restrictions on assignment of promissory notes, health care insurance receivables, and certain general intangibles ineffective.57A-9-409Ineffective restrictions on assignment or creation of security interest in letter-of-credit right.57A-9-501Office for filing financing statement for security interest or agricultural lien.57A-9-501.1Validation of noncomplying statements.57A-9-501.2Secured party access through state's computer to record liens on real property--Rules.57A-9-502Contents of financing statement--Record of mortgage as financing statement--Time of filing financing statement.57A-9-503Name of debtor and secured party.57A-9-504Sufficiency of description of collateral.57A-9-505Filing by bailor of goods, licensor, or buyer of payment intangible or promissory note.57A-9-506Substantial compliance with requirements.57A-9-507Continuing effectiveness of filed financing statement.57A-9-508Effect of new debtor's rights in collateral.57A-9-509Persons entitled to file a record.57A-9-510Effectiveness of filed record.57A-9-511Person constituting secured party of record.57A-9-512Procedure for amending financing statement--Effectiveness.57A-9-513Termination statement.57A-9-514Assignment of secured party's power to authorize amendment--Assignment of record of security's interest in fixture.57A-9-515Effective period for filed financing statement--Effect of lapse.57A-9-516What constitutes filing--Refusal to accept for filing--Effect.57A-9-517Effect of incorrect indexing of record.57A-9-518Information statement regarding record.57A-9-519Duties of filing office in dealing with records.57A-9-520Refusal by filing office to accept record.57A-9-521Forms for financing statement, amendment to statement, and addendum for either.57A-9-522Required retention of information from financing statement--Destruction of written record.57A-9-523Acknowledgment of filing--Information to be communicated from records on request--Sale or licensing of records.57A-9-524Excuses for filing office failure to meet time limits.57A-9-525Fees for filing and indexing records.57A-9-525.1Effect of filing with register of deeds prior to July 1, 1986--Continuation or amendment thereof.57A-9-525.2Central filing system--Promulgation of regulations.57A-9-525.3Central agricultural security interest filing system--Adoption of rules.57A-9-525.4Fee for crop or livestock effective finance statement microfiche master list.57A-9-526Rules and practices for filing offices.57A-9-527Financing statement and annual report filing fee fund.57A-9-528Financing statement and annual report filing fee fund--Fees deposited.57A-9-529Financing statement and annual report filing fee fund--Excess balance reverted.57A-9-530Combined financing statement for farm products.57A-9-601Rights after default--Judicial enforcement--Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.57A-9-602Waiver or variance of rules by debtor or obligor.57A-9-603Agreement on standards for fulfilling rights and duties.57A-9-604Procedure if obligation secured by security interest in personal property or fixtures is also secured by interest in real property.57A-9-605Unknown debtor or secondary obligor.57A-9-606Time of default in connection with agricultural lien.57A-9-607Collection and enforcement by secured party.57A-9-608Application of proceeds of collection or enforcement--Liability for deficiency and right to surplus.57A-9-609Secured party's rights with respect to collateral following default.57A-9-609.1Action for recovery of security by creditor against third party purchaser of farm products--Limitation period--Offer to file criminal complaint.57A-9-609.2Farm products fraud--Misdemeanor.57A-9-610Disposition of collateral after default--Treatment of warranties.57A-9-611"Notification date"--Notification of disposition of collateral.57A-9-612Reasonable time for sending notification.57A-9-613Contents and form of notification before disposition of collateral--General.57A-9-614Contents and form of notification before disposition of collateral--Consumer-goods transaction.57A-9-615Application of proceeds of disposition--Liability for deficiency and right to surplus.57A-9-616Explanation of calculation of surplus or deficiency.57A-9-617Rights of transferee of collateral disposed of after default.57A-9-618Rights and duties of secondary obligor.57A-9-619Transfer of record or legal title.57A-9-620Acceptance of collateral in full or partial satisfaction of obligation--Compulsory disposition of collateral.57A-9-621Notification of proposal to accept collateral.57A-9-622Effect of acceptance of collateral.57A-9-623Persons who may redeem collateral--Procedure.57A-9-624Waiver.57A-9-625Sanctions for failure to proceed in accordance with chapter--Liability for damages.57A-9-626Action in which amount of deficiency or surplus is in issue.57A-9-627What constitutes commercially reasonable collection, enforcement, disposition, or acceptance.57A-9-628Nonliability and limitation on liability of secured party--Liability of secondary obligor.57A-9-701Effective date of chapter.57A-9-702Effect of chapter on transactions or liens entered into or created before July 1, 2001--Effect on actions, cases, or proceedings.57A-9-703Effect of division on security interests enforceable before July 1, 2001.57A-9-704Enforceability and perfection of security interest enforceable immediately prior to July 1, 2001, and subordinate to lien creditor.57A-9-705Effect of certain actions prior to July 1, 2001.57A-9-706Conditions to continuing effectiveness of financing statement filed before July 1, 2001.57A-9-707Pre-effective-date financing statement--Amendment, continuation, termination.57A-9-708Conditions to filing initial financing statement or continuation statement under part.57A-9-709Determination of priority of conflicting claims to collateral--Dating priority of security interest.57A-9-801Effective date of SL 2012, ch 238.57A-9-802Savings clause.57A-9-803Security interest perfected before effective date.57A-9-804Security interest unperfected before effective date.57A-9-805Effectiveness of action taken before effective date.57A-9-806When initial financing statement suffices to continue effectiveness of financing statement.57A-9-807Amendment of pre-effective-date financing statement.57A-9-808Person entitled to file initial financing statement or continuation statement.57A-9-809Priority.