South Dakota § 54-10-11 - Value of exempt security not credited upon claim.
Full text of South Dakota South Dakota Codified Laws § 54-10-11 — Value of exempt security not credited upon claim., with citation guidance and answers to common questions.
§ 54-10-11. Value of exempt security not credited upon claim.
When any creditor has legal or equitable security upon assets which are exempt from process for the satisfaction of unsecured debts and are duly claimed as exempt by the insolvent debtor, the value of such security shall not be credited upon the claim. Amounts realized by the creditor from such security after liquidation proceedings are begun shall be disregarded in computing dividends, unless the dividend so computed exceeds the sum actually owing upon the claim, in which event only the amount owing shall be paid.
Source: SL 1941, ch 162, § 7; SDC Supp 1960, § 37.26A07.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 54-10-11
What does South Dakota Codified Laws § 54-10-11 cover?
Section 54-10-11 ("Value of exempt security not credited upon claim.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 54-10-11?
A common citation format is "South Dakota Codified Laws § 54-10-11" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 54-10-11 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.