21-26-4. Facts stated in defendant's statement on judgment to secure against contingent liability.
If the judgment to be confessed be for the purpose of securing the plaintiff against a contingent liability, the defendant's verified statement must state concisely the facts constituting the liability, and must show that the sum confessed therefor does not exceed the amount of such liability.
Source: CCivP 1877, §716, subdiv 3; CL 1887, §5538, subdiv 3; RCCivP 1903, §785, subdiv 3; RC 1919, §3024 (3); Supreme Court Rule 554, 1939; SDC 1939 & Supp 1960, §37.0302 (3).