54-10-4. Dividends to secured creditors--Computation.
Dividends paid to secured creditors shall be computed only upon the balance due after the value of all security not exempt from the claims of unsecured creditors and not released or surrendered to the liquidator, is determined and credited upon the claim secured by it.
Source: SL 1941, ch 162, §4; SDC Supp 1960, §37.26A04.