53-9-6.   Restraints on legal proceedings void--Arbitration agreements and certain surety contract limitations enforceable. Every provision in a contract restricting a party from enforcing his rights under it by usual legal proceedings in ordinary tribunals, or limiting his time to do so, is void. However, agreements to submit controversies to arbitration, as authorized by the Uniform Arbitration Act, are valid and enforceable, and any provision in a surety contract which limits the time for enforcement is valid and enforceable if the limitation of time is not less than two years after the cause of action has accrued.

Source: CivC 1877, § 958; CL 1887, § 3582; RCivC 1903, § 1276; RC 1919, § 897; SDC 1939, § 10.0705; SL 1971, ch 157, § 27; SL 1988, ch 382, § 1.

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