20:07:03:09Accounting for late payments -- Installment note

and conditional sales contract with acceleration clause. When installment notes or conditional sales contracts which contain an acceleration clause are delinquent one installment, only the amount of the delinquent payments shall be considered as past due when other information indicates that the maker expects to perform the contract.

Source: SL 1975, ch 16, § 1; 12 SDR 151, 12 SDR 155, effective July 1, 1986.