Section 44-3-2 - Marshaling securities among lien holders--Several things within the same class and subjectto same number of liens--Property to which resort may be had. - South Dakota Statutes

44-3-2. Marshaling securities among lien holders--Several things within the same class and subject to same number of liens--Property to which resort may be had. When several things are within one of the classes described by § 44-3-1 and subject to the same number of liens, resort must be had:
(1) To the things which had not been transferred since the prior lien was created;
(2) To the things which have been so transferred without a valuable consideration; and
(3) To the things which have been so transferred for a valuable consideration.

Source: CivC 1877, § 1713, subdiv 4; CL 1887, § 4337, subdiv 4; RCivC 1903, § 2033, subdiv 4; RC 1919, § 1538 (4); SDC 1939, § 39.0114 (4).