21-47-17. Foreclosure as complete satisfaction of debt--Exception.Except as provided by §21-47-16, a foreclosure by action of a mortgage upon real estate operates as a complete extinguishment, satisfaction and payment of the debt secured by the mortgage. However, a foreclosure may not be considered to be satisfaction of an assignment of rents agreement under the mortgage. Source: SL 1939, ch 146, §2; SDC Supp 1960, §37.2911-1; SL 1983, ch 172.
South Dakota Legal Code