Section 44-10-7 - Obligations of pledge holder--Exoneration from undertaking

44-10-7. Obligations of pledge holder--Exoneration from undertaking.A pledge holder for reward cannot exonerate himself from his undertaking; and a gratuitous pledge holder can do so only by giving reasonable notice to the pledgor and pledgee to appoint a new pledge holder, and in case of their failure to agree, by depositing the property pledged with some impartial person who will then be entitled to a reasonable compensation for his care of the same. Source: CivC 1877, §1766; CL 1887, §4401; RCivC 1903, §2113; RC 1919, §1614; SDC 1939, §39.0508.