Section 15-3-4 - Limitation of actions by state based on title to real propertyThis state will not sue any person for or in respect to any real property, or the issues or profits thereof, by reason of the right or title of the state to the same, unless:
(1) Such right or title shall have accrued within forty years before any action or other proceeding for the same shall be commenced; or unless(2) The state, or those from whom it claims, shall have received the rents and profits of such real property, or of some part thereof, within the space of forty years.SDC 1939 & Supp 1960, § 33.0214.