<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 57A-9-601 - Rights after default--Judicial enforcement--Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s5e7e2ca452314ded9137498002ecda94Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s5e7e2ca452314ded9137498002ecda94SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s5e7e2ca452314ded9137498002ecda94CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s5e7e2ca452314ded9137498002ecda94Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s5e7e2ca452314ded9137498002ecda94StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s5e7e2ca452314ded9137498002ecda94000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s5e7e2ca452314ded9137498002ecda94NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s5e7e2ca452314ded9137498002ecda94SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 57A-9-601 - Rights after default--Judicial enforcement--Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes."><meta property="og:description" content="SDLRC Codified Law 57A-9-601 - Rights after default--Judicial enforcement--Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/57A-9-601"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94Normal"><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-601" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94SENU">57A-9-601</span></a><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94SENU">. </span><span class="s5e7e2ca452314ded9137498002ecda94CL">Rights after default--Judicial enforcement--Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94Statute"><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(a) After default, a secured party has the rights provided in this part and, except as otherwise provided in § </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-602" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">57A-9-602</span></a><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">, those provided by agreement of the parties. A secured party:</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94StatuteNumber1"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(1)    May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94StatuteNumber1"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(2)    If the collateral is documents, may proceed either as to the documents or as to the goods they cover.</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94Statute"><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(b) A secured party in possession of collateral or control of collateral under § </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-7-106" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">57A-7-106</span></a><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-104" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">57A-9-104</span></a><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-105" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">57A-9-105</span></a><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-105.1" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">57A-9-105.1</span></a><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-106" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">57A-9-106</span></a><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-107" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">57A-9-107</span></a><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">, or </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-107.1" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">57A-9-107.1</span></a><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont"> has the rights and duties provided in § </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-207" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">57A-9-207</span></a><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">.</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94Statute"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(c) The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously.</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94Statute"><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(d) Except as otherwise provided in subsection (g) and § </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-605" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">57A-9-605</span></a><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94Statute"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(e) If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94StatuteNumber1"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(1)    The date of perfection of the security interest or agricultural lien in the collateral;</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94StatuteNumber1"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(2)    The date of filing a financing statement covering the collateral; or</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94StatuteNumber1"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(3)    Any date specified in a statute under which the agricultural lien was created.</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94Statute"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(f) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94Statute"><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(g) Except as otherwise provided in § </span><a href="https://sdlegislature.gov/Statutes?Statute=57A-9-607" rel="noopener"><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">57A-9-607</span></a><span class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont">(c), this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.</span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94Normal"><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94000000"> </span></p><p dir="ltr" class="s5e7e2ca452314ded9137498002ecda94NoIndent"><span xml:space="preserve" class="s5e7e2ca452314ded9137498002ecda94DefaultParagraphFont-000001">Source: </span><span class="s5e7e2ca452314ded9137498002ecda94SCL">SL 2000, ch 231; SL 2009, ch 254, § 836; SL 2024, ch 198, § 80.</span></p></div></body></html>