58-26-5. Real property acquired pursuant to mortgage loan or contract for sale--Restriction as to valuation.
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/sd/title-58/chapter-58-26/58-26-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the director to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.