Section 58-27-45 - Loan on or investment in real estate mortgage on security of chattel mortgage--Limited amount. - South Dakota Statutes

58-27-45. Loan on or investment in real estate mortgage on security of chattel mortgage--Limited amount. In connection with a mortgage loan on the security of real estate designed and used primarily for residential purposes only, which mortgage loan was acquired pursuant to §§ 58-27-32 to 58-27-40, inclusive, an insurer may lend or invest an amount not exceeding twenty percent of the amount loaned on or invested in such real estate mortgage on the security of a chattel mortgage to be amortized by regular periodic payments within a term of not more than five years, and representing a first and prior lien, except for taxes not then delinquent, on personal property constituting durable equipment owned by the mortgagor and kept and used in the mortgaged premises.

Source: SL 1966, ch 111, ch 6, § 29 (1).