STATE OF SOUTH DAKOTA
OFFICE OF
THE ATTORNEY GENERAL

October 18, 1971

Newell E. Krause
States Attorney, Walworth County
Mobridge, South Dakota 57601

OFFICIAL OPINION NO. 71-47

Valuation of moneys and credits

Dear Mr. Krause:

You have inquired as to whether or not moneys and credits, taxable in this state under SDCL 10-16 are to be listed so far as contracts for deed are concerned, showing the purchase price stated in the contract less the payments made, in other words, the outstanding balance on the contract, or whether it should be shown as the value which the holder of the instrument could receive at a sale.

SDCL 10-16-4 in part says:

Every credit for any sum certain payable either in money, property of any kind, labor, or services, shall be valued at the current price of the same so payable; ...

In my opinion, the correct figure to be entered is the outstanding balance due on the contract and is not subject to reduction because of other obligations of the holder of the contract.

In this connection, see also 1957-59 AGR 245 and 1965-66 AGR 169.

Respectfully submitted,

Gordon Mydland
Attorney General