Lien Statutes - Lien Statutes 1 How is a lien defined by...

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Lien Statutes 1. How is a lien defined by statute in South Dakota? SDCL 44-1-1: Lien defined. A lien is a charge imposed upon specific property by which it is made security for the performance of an act. 2. How may a lien be created in South Dakota? SDCL 44-1-4: Creation of lien--Contract--Operation of law. A lien is created: (1) By contract; or (2) By operation of law; but no lien arises by mere operation of law until the time at which the act to be secured thereby ought to be performed. 3. A person who wrongfully destroys property that is subject is a security interest is guilty of what class of felony in South Dakota? SDCL 44-1-12: Destruction, disposal, or removal of personal property subject to security interest as felony. Any mortgagor or grantor of a security interest or other lien of personal property who, while the lien of his mortgage, conditional sales agreement, or security agreement remains in force and unsatisfied, willfully destroys… is guilty of a Class 6 felony. 4. What title/chapter of the South Dakota statutes is entitled “Real Estate Mortgages”?
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This note was uploaded on 12/15/2011 for the course BUSINESS L 101 taught by Professor Smith during the Spring '11 term at American.

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Lien Statutes - Lien Statutes 1 How is a lien defined by...

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