S.D. Codified Laws § 43-30 app. 12-07

Current through the 2024 Legislative Session

Section 12-07 - Real property sold free and clear of any interest in course of bankruptcy proceedings

The marketability of title to real property sold free and clear of any interest in such property in the course of any bankruptcy proceeding is not adversely affected if the following should appear of record:

A. If the real property is sold by a debtor-in-possession then the following shall be required:

(1) The petition in bankruptcy of the title holders;

(2) The certificate of commencement of case under Title 11, United States Code;

(3) The notice of proposed action or motion to sell property free and clear of any interest, an order for or notice of hearing with proof of service, and an order confirming such sale with proof of service;

(4) If the debtor did not hold the only ownership interest in the property, a summons and complaint requesting authority to sell free and clear of the other ownership interest, with proof of service, an order or judgment authorizing such sale with proof of service, a notice of proposed action or motion to sell property free and clear of any interest; an order for or notice of hearing with proof of service, and an order confirming sale with proof of service;

(5) A deed from the debtor-in-possession.

B. If the real property is sold by a trustee then the following shall be required:

(1) The petition in bankruptcy of the title holders;

(2) The certificate of commencement of case under Title 121, United States Code;

(3) If the case was commenced under Ch. 7, Ch. 12 or Ch. 13 of Title 11, United States Code, a copy of the document appointing the Ch. 7, Ch. 12 or Ch. 13 trustee;

(4) If the case was commenced under Ch. 11 of Title 11, United States Code, and a trustee was appointed pursuant to 11 U.S.C. § 1104, a certified copy of the order appointing the Ch. 11 trustee;

(5) The notice of proposed action or motion to sell property free and clear of any interest, an order for or notice of hearing with proof of service, and an order confirming such sale with proof of service;

(6) If the debtor did not hold the only ownership interest in the property, a summons and complaint requesting authority to sell free and clear of the other ownership interest, with proof of service, an order or judgment authorizing such sale with proof of service, a notice of proposed action or motion to sell property free and clear of any interest; an order for or notice of hearing with proof of service, and an order confirming sale with proof of service;

(7) A deed from the trustee.

SDCL app TO CHAPTER 43-30 § 12-07