46A-8-7 Lien of association for unpaid assessments--Priority--Duration--Foreclosure and sale of la...
Lien of association for unpaid assessments--Priority--Duration--Foreclosure and
sale of land.
Such associations have the first and prior lien for all unpaid assessments on the lands
of the shareholder against which the assessments are levied, and for all deferred payments on the
water right appurtenant to the lands. The lien is in all respects prior to any other liens created or
attempted to be created by the owner and possessor of the lands. The lien shall remain in effect until
the last deferred payment for the water right and any unpaid assessments levied by the association
against the land are fully paid and satisfied, according to the terms of the contract under which the
water right was acquired, the provisions of this chapter, and the bylaws of the association relating
to assessments. The lien shall be enforced by the association by the foreclosure and sale of the lands,
or so much thereof as may be necessary, in the manner provided by law for the foreclosure of
mortgages on real property.
Source: SDC 1939, § 61.0202; SDCL § 46-11-7; SL 2011, ch 165, § 464.