<html> <head> <title>Rule 20:07:03:09 Accounting for late payments -- Installment note and conditional sales contract with acceleration clause.</title> <META NAME="Keywords" Content="Administrative Rules 20:07:03:09"> <META NAME="Description" Content="Administrative Rules 20:07:03:09 Accounting for late payments -- Installment note and conditional sales contract with acceleration clause."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:07:03:09.&nbsp;&nbsp;Accounting for late payments -- Installment note and conditional sales contract with acceleration clause.</b> When installment notes or conditional sales contracts which contain an acceleration clause are delinquent one installment, only the amount of the delinquent payments shall be considered as past due when other information indicates that the maker expects to perform the contract.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> SL 1975, ch 16, §&nbsp;1; 12 SDR 151, 12 SDR 155, effective July 1, 1986.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-2-13">51A-2-13.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-2-15">51A-2-15.</A></p> </div> </body> </html>