44-6-4. Written contract by buyer of real property for payment of purchase price to seller--Transfer of contract by seller waives lien to extent of sum payable under contract--Exception.
Where a buyer of real property gives to the seller a written contract for the payment of all or part of the price, an absolute transfer of such contract by the seller waives his lien to the extent of the sum payable under the contract, but a transfer of such contract in trust to pay debts and return the surplus is not a waiver of the lien.
Source: CivC 1877, §1802; CL 1887, §4437; RCivC 1903, §2149; RC 1919, §1690; SDC 1939, §39.0602.