A lender forecloses on a residential property in Aberdeen, South Dakota. The sheriff's sale occurs on March 1. The borrower does not redeem the property during the statutory period. On what date does the borrower's statutory right of redemption expire, and what happens to the title at that point?
Correct Answer
B) The redemption right expires on August 28 (180 days after the sale), and title vests in the purchaser at the sheriff's sale.
Under SDCL Chapter 21-47, the statutory redemption period for residential property is 180 days from the date of the sheriff's sale. Starting from March 1, 180 days later falls on August 28 (March has 31 days: 30 remaining days in March + 30 in April + 31 in May + 30 in June + 31 in July + 28 days into August = 180 days). Upon expiration of the redemption period without redemption, title vests in the purchaser at the sheriff's sale by operation of law.
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Related Topics & Key Terms
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