32-3-35. Manufacturer's statement or certificate of origin pending issuance of certificate of title--Priority of liens.
A manufacturer's statement of origin or manufacturer's certificate of origin shall be deemed to be in possession of the lien holder while being transmitted to the secretary and until issuance of a certificate of title by the secretary showing the lien. All contracts, liens, mortgages, and encumbrances, noted on a certificate of title, shall take priority according to the order of time in which the liens were noted.
Source: SDC 1939, §44.0203 (1) as added by SL 1951, ch 229, §3; SL 1965, ch 186, §3; SL 1989, ch 257, §36.