South Dakota Codified Laws 51A-15-12. “Insolvent” defined
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“Insolvent” means incapable of meeting the demands of creditors or having liabilities which exceed assets.
Terms Used In South Dakota Codified Laws 51A-15-12
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Source: SL 1982, ch 336, § 1; SDCL, § 51-27-10.1.