Section 44-10-7 - Obligations of pledge holder--Exoneration from undertaking. - South Dakota Statutes

44-10-7. Obligations of pledge holder--Exoneration from undertaking. A pledge holder for reward cannot exonerate himself from his undertaking; and a gratuitous pledge holder can do so only by giving reasonable notice to the pledgor and pledgee to appoint a new pledge holder, and in case of their failure to agree, by depositing the property pledged with some impartial person who will then be entitled to a reasonable compensation for his care of the same.

Source: CivC 1877, § 1766; CL 1887, § 4401; RCivC 1903, § 2113; RC 1919, § 1614; SDC 1939, § 39.0508.