Section 54-10-5 - Obligation for payment of money as security--Determination of value

54-10-5. Obligation for payment of money as security--Determination of value.When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its value by collection or by exhausting his remedies thereon and then surrendering the obligation to the liquidator. Source: SL 1941, ch 162, §5; SDC Supp 1960, §37.26A05 (1).