58-27-47. Acquisition of chattel mortgage--Separate appraisal of included items to determine fair market value--Maximum amount of loan.
Prior to the acquisition of a chattel mortgage under §58-27-45, items of property to be included therein shall be separately appraised by a qualified appraiser and the fair market value thereof determined. No such chattel mortgage loan shall exceed in amount the same ratio of loan to the value of the property as is applicable to the companion loan on the real property.
Source: SL 1966, ch 111, ch 6, §29 (3).