S.D. Codified Laws § 58-27-38

Current through the 2024 Legislative Session

Section 58-27-38 - Equity of seller of real property in contract for deed-Maximum amount of investment

An insurer may invest any of its funds in the equity of the seller of real property in a contract for deed, covering the entire balance due on a bona fide sale of such property, in amount not to exceed ten thousand dollars or the amount permissible under §§ 58-27-52 to 58-27-60, inclusive, whichever is greater, in any one such contract for deed; nor in any amount in excess of the following percentages of the actual sale price or fair value of the property, whichever is the smaller:

(1) If a dwelling primarily designed for single-family occupancy and occupied by the purchaser under such contract, seventy-five percent.

(2) In all other cases, seventy-five percent.

SDCL 58-27-38

SL 1966, ch 111, ch 6, § 24 (2).